It was always going to be only a matter of time before social media platforms merged with the blockchain world. Twitter began the trend by allowing users to create avatars out of digital art and tip using crypto. Now, YouTube and Reddit seem set to follow suit. YouTube CEO Susan Wojcicki hopes to integrate web3 technologies into the platform, including NFTs. Likewise, Reddit recently launched a new avatar marketplace based on NFTs.
Yet, these developments pale in comparison to Meta’s plans for incorporating digital assets.
Meta, the parent company of Instagram, made an exciting announcement in May 2022. They started test runs for a new feature that allowed select US creators to share their non-fungible tokens (NFTs). They could showcase their NFTs on their Feeds, Stories, or messages. An added bonus: no fees were associated with posting or sharing these digital arts.
However, what began with supporting a handful of famous creators is now about to become a global phenomenon. On August 4, Meta CEO Mark Zuckerberg announced that NFT sharing on its platforms was about to go global. Users and businesses in more than 100 countries will be able to participate in the NFT ecosystem through social media. This includes nations in the Americas, the Middle East, Africa, and the Asia-Pacific region.
How Meta Is Integrating NFTs into Its Platforms
NFTs are digital assets stored as media files on blockchains. These assets can be in the form of photos, videos, or audio clips. Hence, NFTs are a natural fit for a platform focused on media sharing, like Instagram.
As several digital artists use Instagram, it had an immediate pool of talent to source creators from. Now, these users can connect their digital wallets straight to Instagram to share their artworks or a purchase. To makes this sharing even more effortless, those who showcase their NFTs are automatically tagged, further automating this ecosystem.
Upon the initial test phase, Instagram had integrated only the Ethereum and Polygon blockchains into its platform. However, now, it supports the Flow network as well. It initially supported the digital wallets MetaMask, Trust Wallet, and Rainbow. A few days ago, support was announced further for Dapper Wallet and Coinbase Wallet.
The Global Expansion
The purpose behind integrating NFTs into Instagram was to allow artists to monetize their work. Now, this global expansion presents that opportunity to countless new creators. It opens doors to discovering contemporary art and building relationships with colleagues, collectors, and fans. Many businesses already use Instagram in a professional capacity today. So, this blockchain integration and worldwide expansion have the potential to launch and elevate countless careers.
Instagram Head Adam Mosseri stated that he is “amazed” by the artwork that creators bring to the platform. This project is about more than showcasing digital assets. Other objectives are to empower diversity, create equity, establish a secure marketplace, and combine cryptocurrency with sustainability. To roll these goals out globally is an ambitious yet achievable endeavor.
Where This Project Fits in the Metaverse
The internet has become a true metaverse as almost all aspects of everyday life have shifted online today. Moreover, the latest iteration of the digital landscape, or Web 3.0, is just around the corner. And Web3 is certainly going to take the metaverse experience to a whole new level. Among the most significant focuses of this phase are deregulation, enhanced user experience, more seamless digital integration, and the rise of alternate currencies.
Fascinatingly, Meta’s NFT adoption touches on each one of these elements. It is an organic addition to the most advanced stage the internet has seen to date. While Instagram is not the first social media network to adopt NFTs, it is perhaps the most appropriate. Even Twitter’s NFT profile picture feature launched earlier this year pales compared to Meta’s sweeping vision.
What’s more, Zuckerberg is putting his own personal touch on the NFT expansion. In a Facebook post, he announced that a childhood little league baseball card featuring him would be turned into a digital asset. The Meta CEO is creating this unique token to honor the international expansion.
Can This Move Restart the Market?
The test phase for this ambitious project began in May, shortly before the crypto industry endured monumental losses. Dubbed the “second quarter crash,” the sector saw almost $2 trillion in digital assets vanish in weeks. The NFT sector itself was valued at $12.6 billion in January. In June, that number had dropped to just over $1 billion.
However, the crypto ecosystem is showing signs of recovery. Hence, one cannot help but wonder if Meta’s worldwide NFT expansion might be the missing link to expedite the process. Creators looking to scale their businesses and gain a more prominent industry standing have a viable solution available to them.
One such method would be to partner with a professional crypto marketing agency. And if you’re looking for the right agency partner to scale your client’s crypto project, Facilius Inc.’s there to help. Our PR and marketing solution for crypto and NFT projects is unparalleled in the market. We’ve partnered with hundreds of agencies to help make their clients’ projects the hottest topic in this volatile crypto industry!
The Way Forward
Facilius Inc. CEO & renowned crypto expert Karishhma Mago calls Meta’s NFT integration an “international opportunity to discover hidden gems.” She added, “Creators and artists now have the chance to display their work in a no-cost, high-security environment. This is a natural fit for social media and crypto trends, especially with the upcoming launch of Web 3.0.”
We couldn’t agree more!
Want to partner with the best white-label crypto marketing agency to promote your client’s crypto/NFT project? Contact us today!