Mar 21, 2022 09:00
With the previous ventures he thought would allow him to worm his way in to the crypto world officially failed and dead, the Zuck is back on crypto's doorstep, and this time the key to get inside comes in the form of an NFT.
The Meta/Facebook CEO appeared on stage during this year's SXSW festival in Austin, Texas, to reveal that his company is "working on bringing NFTs to Instagram in the near term" he added “I would hope that you know, the clothing that your avatar is wearing in the metaverse, you know, can be basically minted as an NFT and you can take it between your different places."
He also added that minting NFTs would be done within the app as well.
As far as when we'll see this, Zuck says “There’s like a bunch of technical things that need to get worked out before that’ll really be seamless to happen.”
Apparently there's more, but the Facebook CEO stated that he is "not ready to kind of announce exactly what that’s going to be today".
The announcement has sparked speculation about whose blockchain the NFTs would be deployed on, what payment method will be used to buy them, and whether Instagram will become a new NFT marketplace, competing with Opensea, Rarity, and Nifty Gateway.
Instagram is already a popular place for artists, musicians, and fashion designers to show off their work.
If it became possible to monetize each photograph on a user's Instagram page as an NFT, it would be a big disruptor in a market currently dominated by OpenSea, which uses the Ethereum (ETH) blockchain.
The proposed NFT interface for Instagram might be similar to the OpenSea marketplace, where a user can click on an image to see the current price, which is usually in ethereum, as well as the item's selling history, which displays how much it has appreciated or depreciated over time.
Meta has created its own digital wallet, Novi, that allows users to "send and receive money internationally, instantly, securely, with no fees, and which runs on secure blockchain technology" The Novi digital wallet is now in a restricted test phase and will be used to transfer and receive a stablecoin known as the USDP, or Pax Dollar.
Meta is also believed to be working on plans to allow users to use NFTs as profile images on Facebook and Instagram. Profile picture NFTs, often known as PFPs, are by far the most popular type of web3 content.
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Author: Oliver Redding
Seattle Newsdesk / Breaking Crypto News
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