While many NFT collections’ floor prices are nosediving together with the larger crypto market, an important news came almost unnoticed.
Mark Zuckerberg has announced that Meta is testing Instagram’s new NFT feature, which would allow creators and collectors showcase their NFTs on Instagram. Reportedly, creators will be able to show their NFTs without any associated fees, and NFT posts will stand out from the usual ones with a shimmer effect. Instagram will support MetaMask, TrustWallet and Rainbow wallets, which, when connected, will allow users to prove NFT ownership, showcase on their profiles and tag creators.
The NFT feature will be supporting Ethereum of course, but also Polygon, Ethereum’s layer-2 scaling solution, while Solana and Flow (home to Dapper Labs’ NBA TopShot collection among others) are in development.
Although starting modestly, the NFTs integration into Meta could be huge. The NFT technology (and hopefully the knowledge about blockchain and crypto that underpin it) will get an exposure to 2.9 billion (!) people, and if Meta includes NFTs and crypto into its marketplaces, over 250 million monthly active users will be able to trade them.
That’s a welcome good news in these turbulent times 😌