Here’s how Meta opens to the sale of Nft on Instagram
Meta points to Nft: Instagram will soon allow content creators to create and sell their own non-fungible tokens both directly on the social media platform and outside it
Instagram officially becomes a marketplace for NFT (non-fungible tokens, digital resources representing art or images that cannot be replicated).
Meta, the company that belongs to Facebook, Instagram and WhatsApp, has announced that it is testing the minting and sale of Nft on Instagram. The test started on November 3 with a "small group of content creators in the United States".
So content creators on Instagram will be able to create and sell their NFT directly to followers, both on and off the platform, the company said. Instagram already allows users to show Nft on their pages. But now Meta takes a step forward by expanding Instagram's Nft showcase feature, made available to users in over 100 countries. The announcement comes amid news of several new ways for creators to make money on its platforms.
As The Verge explains, an NFT is a way to claim ownership of a digital item such as a JPG or GIF via a unique address on the blockchain. And despite claims that these assets embody decentralized forms of ownership, their legitimacy rests on the recognition of existing online platforms. The popularity of NFTs increased last year to become a global market worth $ 40 billion. However, the launch comes as the value of digital assets declined in 2022. Since the January market peak, NFT trading volumes have fallen by more than 90%.
For Axios , Big Tech want to enter the cryptocurrency sector, and the social media giant's entry into NFTs indicates growing competition between markets despite falling trading volumes and falling prices.
“It marks the biggest push ever made by a social media platform in NFTs,” comments the Ft .
THE ANNOUNCEMENT OF GOAL
"At Meta, we are examining what creators are already doing through our technologies in order to improve the experience, help them create more monetization opportunities and bring NFTs to a wider audience," said the company led by Mark Zuckerberg in a blog post.
COINING OF NFT WILL START ON PULYGON
The minting or creation of Nft on Instagram will start on Polygon. If it comes to viewing NFTs purchased elsewhere, the company says you can now show those from the Solana blockchain, in addition to the Ethereum, Polygon, and Flow blockchains that the feature already supported.
STRATEGY TO MONETIZE
The move marks Meta's push towards new sources of income. The global economic slowdown is hitting its ad revenue, with brands curbing marketing spend on their platforms. Meta shares fell 25% last week after disclosing that net profit fell more than 50% in the third quarter.
Also, as Instagram chief Adam Mosseri said last year, Meta no longer sees Instagram as a photo sharing app, but sees it as an entertainment app. And entertainers have to make money, either through somewhat traditional methods like sharing ad revenue, or by selling NFT and getting fans to send them money directly in the form of gifts, coins or stars, notes The Verge .
SAME ROAD TAKEN BY TWITTER (BEFORE MUSK)
Finally, Instagram is not the only social shop to enter the NFT sector. Twitter is also expanding its NFT functionality, announcing a connection to markets like Magic Eden just a few days ago.
Earlier this year, the company allowed “Twitter Blue” users – subscribers who pay a monthly fee for special features – the ability to use NFT as profile pictures. Although new owner Elon Musk previously criticized the profile pictures as "annoying," Axios recalls.
Even Apple last week, with the update of the policy for the App Store, codified specific rules for NFTs for the first time.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia-on-demand/ecco-come-meta-apre-alla-vendita-di-nft-su-instagram/ on Fri, 04 Nov 2022 06:03:36 +0000.