- Experts predict that the trajectory of NFTs will be similar to that of cryptocurrencies.
- Meta’s Diem cryptocurrency project was thrown out by the company to be sold.
Social networking networks like Facebook and Twitter do not allow for the creation, purchase, or sale of NFTs at this time. However, since the artworks are fundamentally communal, they are a good fit for the DNA of social media networks. Even though social media platforms have a massive influence on the development of NFTs, they wish to have more skin in the game. Experts predict that the trajectory of NFTs will be similar to that of cryptocurrencies – a gradual start, followed by an explosion — as bitcoin did.
Embrace For NFT
NFTs may be on the way to Instagram soon, as Meta’s CEO Mark Zuckerberg hinted earlier this week at SXSW. On occasion, Daymond John from Shark Tank sat down with Mark Zuckerberg and stated that Instagram users would also be able to mint NFTs.
Instagram’s CEO, Adam Mosseri, first broke the news about the company’s NFT plans during an AMA. Then, at the end of January 2022, unidentified persons acquainted with the situation were interviewed by the Financial Times (FT).
“I’m not ready to announce exactly what that’s going to be today, but, over the next several months, the ability to bring some of your NFTs in, and hopefully be able to mint things within that environment.”
It’s said that Zuckerberg’s companion is called “Bitcoin” because of his interest in blockchain technology and cryptocurrency. Earlier this year, Meta’s Diem cryptocurrency project was thrown out by the company to be sold, and the Diem intellectual property (IP) was bought by Silvergate this year. Additionally, Facebook’s parent company, Meta, was renamed better to reflect the new identity of the social media platform. The corporation plans to expand the metaverse, a network of 3D virtual worlds, with the assistance of its subsidiary Oculus and other ways.