Social networks like Instagram reach quite a few people on a monthly basis. In fact, the company has an audience that includes about two billion active monthly users, and now, the company is planning on bringing non-fungible tokens, or NFTs to its audience. Here’s what’s going on:
Instagram to Bring NFTs to the Platform
As mentioned above, Instagram is planning on bringing NFTs to its audience. The ultimate goal is to increase awareness and accessibility. According to Adam Mosseri, the CEO of Instagram, there’s “nothing to announce yet,” but the company is “definitely actively exploring NFTs and how [it] can make them more accessible to a wider audience.”
While there hasn’t been any information shared officially surrounding what the company is planning to do, screenshots from a developer showing what the company’s team is working on. According to the screenshot, there’s a strong chance that you’ll soon be able to buy and sell NFTs on the social networking platform.
This Shouldn’t Be Surprising
Recently, Facebook announced that it would be changing its name to Meta. Of course, the social network’s name stayed the same, but the parent company is now so massive that the name Facebook just doesn’t fit well and describe all that it’s involved in.
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Mark Zuckerberg, the CEO of Meta, which just so happens to be the parent company of Instagram, pointed to the fact that the metaverse is growing and blockchain technology is the way of the future. In fact, with the name change, Zuckerberg explained that he wanted to change the shape of Facebook from a social network-centric company to a metaverse company.
Considering Meta’s drastic change, and the fact that Zuckerberg is such a big fan of the metaverse, it’s not surprising to find that Instagram, a subsidiary of Meta, is now jumping into the metaverse itself. In fact, I wouldn’t be surprised if each and every subsidiary owned by Meta finds a way to dive into the metaverse in one way or another.
The Metaverse Is Going to Explode
While NFTs have been the talk of the town this year, the concept is still relatively new, and the audience that actually owns these digital assets is relatively small. However, that’s all likely to change, and change quickly.
As more and more big brands get into the NFT industry, followers of those brands are tapping into the industry themselves. But can you think of a bigger brand than Facebook, now Meta? The company owns several social networks and taps into billions of unique users every single month. As a result, the masses are likely to be drawn to the industry as Meta and its subsidiaries continue to dive deeper and deeper into the space.
The Bottom Line
The bottom line here is simple. NFTs aren’t just the next craze that will prove to be a flash in the pan in the future. No, these digital assets have the potential to change how companies connect with their audiences and consumers look at digital asset ownership. With massive names in tech diving into the space, the industry is likely to grow exponentially ahead.