So with the world rapidly changing it goes without saying that NFT will soon become an important variable. Before we dive in let us first understand what these NFTs are and what kind of an impact they would bring. NFTs are basically also known as Non- fungible tokens. These tokens are basically made by integrating any form of art, or anything that could be digitally displayed into the blockchain. The blockchain is the infamous parent of Cryptocurrency that blew out of proportion with a single one of them selling for massive amounts. So the predecessor in some ways, the NFT Marketplace Platforms brings another change to the constantly evolving world. While this isn’t unexpected, one can also realize that NFTs are going to be significant shareholders of whatever future awaits us.
NFTs have become a really investible item, so much so that several companies have already started entering the market rapidly. There are already several different companies that have made a significant impact in this domain. Some companies like Taco bell, Pepsi, and Cadbury have joined the fray with their lineup of NFTs. Apart from this recently Twitter announced their new NFT marketplace where sooner or later people can sell or buy NFTs through their platform.
However, was way ahead as they already started allowing the digital artist to showcase their art in May 2022, and now they plan to o beyond and above everything else.
Instagram making a move in the NFT realm
Instagram which had previously done a test run of allowing users to put their NFTs for display is now going to increase things on a larger scale. As of now, this is an absolute power move as this brings Web3 into the mainstream. Instagram is a social media platform with countless people using it so enabling NFTs in such a prevalent platform will only be beneficial no matter how one looks at it. As of now, only select creators are allow to display their NFTs on the platform in 100 different countries. While This may seem like a small amount it is not. To be able to launch in 100 different countries is no simple feat. Now it has a home beyond that and is able to allow users from all over the world to view digital collectibles.
That’s not all though, Instagram is about to make a massive leap into a domain that has not been explor before and this is a first for a social media platform.
Additionally, Instagram has announced that apart from just displaying your NFTs, Instagram will now allow you to create your own. This comes across as a massive surprise for all of the users. This is something unheard but it will surely draw in a large crowd and will also increase usage and also establish Instagram as a platform that several different people would be able to make use of. Instagram plans to make use of the Polygon blockchain to make it reasonably more cost-effective and more accessible to create when compared to the ETH blockchain. There are other alternative blockchains but polygon has proven itself to be one of the best.
More on social media-based NFT projects
Instagram isn’t the only player that has entered this field though Twitter has also announced a project. Where users will soon be able to purchase and sell NFTs with tweets. This is something that is completely revolutionary. The reason for this is that up till now none of the social media platforms. They had thought that NFTs would become a crucial element of the future and now. That the hype is reaching significant heights, it goes without saying that the pioneers will lead the charge. It is a fact that Instagram launched the initiative to enable more creators to display their art on Instagram. But it did not allow the purchase or sale and is still in the process of attempting to implement that.
Twitter on the other hand recently tied up with 4 NFT platforms to launch their project Twitter tiles. This initiative is basically going to allow users to view NFTs. Hopefully somewhere down the line also enable transactions via tweets. As of now in the test run. Jump.trade has taken part in the initiative by allowing users to gain access to a particular NFT from their Marketplace. So this is where the future is going, and NFTs are going to play a huge role in it.
With all that being say NFTs are the key to the future and by enabling them on different platforms. Their reach can increase. However one has to also consider the question that while these social media platforms have accepted the change. That is due, how others will join the fray? So the question shouldn’t be if there is a possibility that NFTs are an important element of the future. Rather it should be why can’t they be?