Meta reports that brands and influencers can create and sell their non-fungible tokens directly from the well-known social network. But beware of the risks
NFTs are landing on Instagram. In recent months, Meta has brought a useful new feature for sharing non-fungible tokens purchased or held on other platforms. Now, however, announcing a system that allows them to be created and sold directly, without having to go through external services. For now, the company has only engaged a small group of creators in the US. Meta selection shows how the NFT market is becoming increasingly attractive around the world.
Meta and the web world 3
Just as it happens on TikTok, it will also become possible to buy virtual items on Instagram to gift to influencers during reels and live broadcasts, which could translate into profits for creators. NFT pools on Meta are based on the Polygon blockchain, but can also be sold through third-party marketplaces. This Instagram feature has recently been made available to users in more than 100 countries, but not yet in Italy. Moreover, in the beta version, not all functions that are now available are presented. For a few months now, the social network has been allowing you to show off your collection of tokens by relying on blockchain networks like Flow and Ethereum, and wallets like MetaMask, Coinbase Wallet, Dapper Wallet, Rainbow, and Trust Wallet. “Now everyone on Facebook and Instagram in the US can link their wallets and share their digital holdings. This includes the ability for people to post the digital holdings they own on both Facebook and Instagram” Meta.
How do NFTs work on Instagram?
Now users of these two social media will be able to post their holdings. In this way, they will also be able to connect their digital wallets to one or both of the two applications. Instagram’s interest in NFTs is combined with the Meta project which is building a metaverse as a container for this virtual world full of digital assets. Creating non-fungible codes on Instagram will be very simple. In a way that makes it accessible and usable in a fun way even for a less technical audience. But be warned: creating a digital asset with an economic value that remains constant or increases over time is not so easy. The danger is that creators and influencers who don’t have the expertise to create NFT-related business models that are sustainable over time could create pools that quickly wipe out their value. For this reason, those who want to invest should always focus on a project with facilities and a medium-long-term perspective.
November 15 – 11:09
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