NFTs and cryptocurrencies are no longer as hot as they were. But they are still popular. Now, Meta is trying to build what it calls the “metaverse.” NFTs will play an essential part in that project. So, Facebook and Instagram users can expect the company to work on more features involving these digital collectibles.
Recently, Meta announced a new NFT-related feature coming to its platforms. The first step is testing NFTs in Instagram Stories.
Meta said in a blog that digital collectibles would soon be available to more creators in more places. The company stresses how important digital collectibles like NFTs are an important part of its long-term commitment to creators. They are as crucial as investing on web3 technologies for building the Metaverse.
Meta mentioned some content creators that have already found success in sharing their NFTs with their communities on Instagram. The list includes users @misshattan, @nylacollection_nft, @amber_vittoria, and @bossbeautiesnft.
Seeing positive results, Meta decided to expand its test of digital collectibles on the platform to more creators. Likewise, Meta says it is expanding the test to more countries. Collectors and creators can showcase their NFTs on Instagram Stories via SparkAR.
It is about time the company does that. Instagram had been working on this feature since June last year. That was over a year ago. And the hype for NFTs is in decline.
So, what does this new feature really do? The project involves integration with Ethereum and Polygon. Additional support for Flow and Solana is also coming soon. That will allow users to connect their Rainbow, Trust Wallet, and MetaMask accounts to verify NFT ownership.
Users will be able to display their collections on the Instagram Feed, within Instagram Stories, or in Direct Messages. You can also find an NFT tab on participating users' profile pages. A hexagon with a check mark represents it. That icon will also appear on NFT images that will show on your main post feed.
Previews from last year showed Meta plans to be able to facilitate NFT sales. The photos showed that the company wants to integrate NFT bidding into its platforms. That will make it more connected to the broader NFT marketplace.
There is no news of that yet. But, Meta announced that augmented reality (AR) NFTs are coming to Instagram Stories. There's no additional info about this in this writing.
Meta CEO Mark Zuckerberg also talked about what role NFTs will play in the Metaverse. An avatar will represent you in the Metaverse, and the clothes it wears could be NFTs tied to your identity. Of course, it applies not just to your avatar's clothes; many things in the Metaverse can be NFTs. Thus, it has a lot of potential.
The problem is that NFT trading is seeing a steady decline. It was hyped for a while, then it plummeted. According to The Wall Street Journal, there has been a 92% decline in NFT sales since September last year. Likewise, active wallets have seen an 88% decline since November. Big-name NFTs also took a massive hit – their value crashed due to reduced demands.
So, when Meta finally finishes the Metaverse, the NFT hype could be gone already. So, either people will not be too excited about it, or the Metaverse will revitalize people's excitement for NFTs.
Meta announced NFTs in Stories via SparkAR the same week the company announced the formation of the Metaverse standards body. The group of tech companies intends to build the next version of the web. They also want to develop a shared standard in web3 and the Metaverse.
Meta CEO Mark Zuckerberg can't stop talking about the Metaverse project in the past few years. He makes it seem like it will be the next biggest thing on the internet. But the project is not yet finished because the development sees many challenges. The problem is that the new VR ecosystem produces more problems than solutions.
Meta and other tech companies launched the Metaverse Standards Body to overcome those challenges. Adobe, Epic Games, Microsoft, Nvidia, and Qualcomm joined the social media giant in this initiative. The group aims to create joint hardware, software, and community management standards for future technology.
Some big tech companies are noticeably not present on that list. Apple is yet to join the race for virtual reality users. But it – as well as Google and AMD – can match the founding members in terms of technologies. Therefore, one can speculate that they may make a competitor to the Metaverse Forum.
Meta announced that they would bring NFTs to Facebook soon. As usual, it would be available for a small group of US creators at the initial testing phase. It will allow these creators to cross-post on Instagram and on Facebook. Based on the announcement, this will happen around the same time as the testing for NFTs in Instagram Stories with SparksAR will happen.
That is great news for NFT collectors and creators. Even when statistics say NFTs are on a decline, more platforms are looking to integrate them. For example, Twitter brought NFTs to its platform even before Meta did. The micro-blogging social network allows users to use their NFTs as profile pictures. Meanwhile, eBay acquired KnownOrigin, an Ethereum-based NFT marketplace. Decentralized Finance companies are also on the move to get into the NFT and Metaverse markets. Uniswap, for example, has recently acquired the NFT aggregator Genie.
With this trend, NFTs may see a rise again. After all, that's what things in the blockchain world do. They drop, then rise, then drop, then rise again.
More platforms and the Metaverse are introducing NFT support. Perhaps, that could make the next drop not as hard as it is now. So NFT fans, celebrate. Instagram introducing this new feature is wonderful news.
Date: December 13, 2022 / Categories: News, / Author: Rich Drees
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