- NFT trading has evolved subsequently in previous few years. These virtual works of art based on blockchain are being traded at juicy prices in top markets.
- OpenSea, an NFT marketplace based on Ethereum blockchain, has the possession of the throne right now in terms of sales volume.
- Therefore, we can easily say that, NFT market remains an extremely lucrative place to be. This might be the reason Instagram is standing on the brink of entering the NFT arena.
Instagram To Become The Ugly Duckling?
Meta CEO, Mark Zuckerberg stated at SXSW conference that, folks on instagram might possibly be able to mint NFTs on Instagram. This will be an astoundingly monumental success as the well liked social media platform has a massive crowdbase of over a Billion users.
However, deploying under the hood shifts to accommodate NFT minting for several folks will be an arduous task, even for Zuckerberg’s Meta.
Until now, OpenSea has performed exceptionally so far. With 1.4 Million users and sales volume of worth $23 Billion. They are at the peak above all in NFT game. But as Instagram is about to enter this arena, OpenSea might witness a new giant to face off in the market. It will be like Godzilla facing off King Kong.
Deutsche Bank makes predictions that Instagram’s foray into NFTs may lure a myriad of folks, saying that its user base may increase to 2.2 Billion users by next year. As per their estimates, even if 2% of folks initiate trading NFTs, it would make a market consisting of 44 Million folks.
How Instagram Is In Favor Of NFT?
While Instagram is usually utilized by folks to socialize with family or friends, numerous artists use this platform to exhibit their talents. Several brands and content creators already have a significant presence on website. It is an exhibition of several kind of art forms like music, memes, loops, short films, animation and photography.
Utilizing on-chain minting, these brands and artists can make a latest type of commercial avenue for themselves.
Meta being a monumental leviathan in tech space, they can also innovate in how Non Fungible Tokens are traded. Usually transaction fees are higher here, Meta might resolve this issue by reducing the fee by making essential blockchain framework themselves.
They can also host reduced-cost NFTs such as OneOf Doing or NBA TopShot, this will enable wider accessibility to NFTs. letting millions of folks on platform acquire affordable virtual assets.
Source: https://www.thecoinrepublic.com/2022/04/23/instagram-bracing-itself-to-take-lions-share-in-nft-market/