There’s still a lot of hype around NFTs, or non-fungible tokens. They are the latest finance craze where cryptocurrencies meet the world of culture, art and digitization. But are they actually going to take over the new web, the metaverse?
It looks like we are about to find out. According to a report from the Financial Times, Meta – the new Facebook – is about reveal how NFTs will be traded on the platform. Meta will apparently make it possible to trade and share NFTs on Facebook and allow owners of NFTs to join certain groups. The platform will also reportedly enable the creation or minting of NFTs. NFTs on the platform will be monetized using ads or fees that are added on during the trading process.
This is just a taste from the social network of what its NFT ecosystem will look like. According to the report, Facebook will also look to create a virtual currency that can be used in the metaverse, which seems to be temporarily called “Zuck Bucks”. There will also be social tokens or reputation tokens that will be gifted to those who make worthwhile contributions in the NFT Facebook groups, thereby promoting the platform as relevant for NFT trading (where Discord is the favored app today).
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Instagram has already released a few features that make it look like its foray into the world of NFT trading. With the “Fan Club” stories option, users can post content that can only be accessed by an exclusive or pre-defined group. The screenshot option will also be disabled for this feature. This is great news for celebrities and likely is the product of the platform OnlyFans, which is hugely popular among younger generations for its “fanclub” model. Instagram is encouraging creators to monetize their content with this step.
Instagram is also allowing for collectibles to be posted in stories, letting people know about digital assets and NFTs for sale. This feature allows for creators to leverage opportunities for digital art purchases, which is closely tied to NFTs, with their audience base. Overall, the goal seems to be to get people to make purchases from creators, which could be a very useful framework to have in place once the metaverse really takes off.
Maybe it has to do with the fact that they are from the same “technological family”, or maybe they are just committed to being the first social platforms that are metaverse-ready, but whatever the justification, we are happy that influencers, creators and brands will finally have another strong outlet for their creativity.