Thursday September 29, 2022

Instagram Launches the Initial Test of NFT Display Options. These Options are Also Coming Soon to Facebook

According to some recent numbers, there is a lot of air leaving the initial NFT bubble. This means that Meta needs to launch its first test of its new NFT showcase features with select creators in the US. The integrations will be for Ethereum and Polygon. Additional support for Flow, Solana and Solana will be added soon. NFT owners will now be able connect their Rainbow, Trust Wallet, and MetaMask accounts in order to verify their ownership. Users will be able display their NFTs within Stories, Direct Messages, and on the main IG feed. Participating accounts will also have a new NFT tab, which will include a tick in the hexagon to indicate NFTs. The new NFT tab will be available to all participating accounts. It will feature a tick in a hexagon to indicate verified NFTs. According to The Wall Street Journal, there has been a 92% drop in NFT sales and an 88% decrease in active wallets over the past year. Sina Estavi, chief executive of Bridge Oracle, a Malaysia-based blockchain company, purchased the NFT of Jack Dorsey’s first tweet in March 2021 for $2.9million. The NFT was put up for auction by Mr. Estavi earlier this year. He didn’t get any bids over $14,000 which he refused to accept. He didn’t receive any bids above $14,000, which he refused to accept.” NFT enthusiasts have questioned these data points, suggesting that they are cherry-picked examples. However, the larger trend, based on industry stats and projects, does suggest that NFTs are cooling off. Many people are already invested in the current NFT space. Today’s launch was not the only one. Zuckerberg also noted that NFT display options will soon be available on Facebook, along with augmented realities NFTs for Instagram Stories. We’ll soon find out if this is a way for Meta to grab onto the initial hype phase of NFTs before they disappear.

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