Instagram and Facebook want to enter the world of NFTs

NFTs have made a major comeback in 2021. Consequently, several companies are planning to join this trend to take advantage of this market.

In this way, Instagram and Facebook announced that they are studying the possibility of entering this market. Specifically, they noted that they plan to allow their users to buy, trade, and display NFTs on any of their platforms.

This would mark an important advance, since only specialized sites such as OpenSea give the possibility of creating and trading these digital assets. However, the project is still in the beta phase, so there is still a long way to go before it becomes a reality.

The performance

According to a manager of the social network, the idea is that each user can develop NFT according to their tastes and expectations. Furthermore, people could show your works in profile photosl, identifying each user with that asset in question.

This means that both platforms plan to create a site that will allow them to compete with specialized websites. Facebook and Instagram would maintain the same functions, although with the added bonus that they will be able to share each of their NFTs.

In this way, social networks would become comprehensive websites where many more functions can be executed than just communicating. An integration between these and direct investment platforms in cryptocurrencies, such as Coinbase, Robinhood or Bitcoin Trader.

Benefits of NFTs

The rise of NFTs has made companies that are competitors of Apple think about entering this exciting world. In some cases they have decided to create their own portfolio to sell souvenirs to their clients.

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This is how Nike and other sports companies decided to create unique figures and host them on the Blockchain, giving their owner a unique code. Due to the great trajectory of these companies, the works sold quickly and rose in price exponentially.

Expand the audience

The truth is that this news confirms that Instagram is looking for ways to attract more users. It recently announced a test format where it would pay its best content creators, something that created a lot of buzz in the market.

Many saw it as a way to resemble Tik Tok, which is the fastest growing social network today. However, with the latest news they seek to democratize the use of NFTs in the general public.

This ties in a lot with Mark Zuckerberg’s announcements in the month of October, where he changed the name of the parent company and ushered in the metaverse. For him, this new virtual reality must support all the digital assets that arise over time.

Waiting for the metaverse

All this has generated a great stir and expectations around this topic. Many stocks of companies that have announced advances with the metaverse have seen their shares rise in recent days.

In turn, there is no doubt that this Meta strategy aims to give it greater importance in a market that promises to be increasingly competitive. Therefore, every day more companies related to virtual reality emerge, which has accelerated the creation of new platforms that provide new experiences.

For all this, it only remains to wait for the first advances related to NFTs to be made on Instagram and Facebook. This would mark a before and after that would provide greater opportunities for all users in general.

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