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NFT Wave Is Taking Over The World, Meta started to test their NFT

We have witnessed many changes and upgradation in social media over the years. The past decade has been a witness to some major developments in social media. We use social media for different purposes. While some use it to socialize or just for entertainment, this era of social media proved that many use it to generate income. Social media has truly grown beyond its boundaries. 

The social media’s obsession with NFTs 

Social Media has finally boarded the NFT bandwagon. Social media has already played a passive role in amplifying the NFT marketplace. It started when the Twitter Blue users were offered to put NFTs as profile pictures. Following that, Meta launched their 3D avatars for Facebook, Messenger, and Instagram. They also allowed US, Canada, and Mexico users to establish their virtual selves across social media platforms via stickers, profile pictures, and feed posts. In other news, YouTube has been distributing NFTs to the influencers on the forum. 

Thus, experts believe that the entry of social media will start growing gradually, followed by an explosion. 

The significance of Facebook’s entry into NFT 

1.The Meta has started a slow start that allows a particular group of creators in the US to post digital collectibles on social media. In May, Meta confessed their NFT support on Instagram. Following that, Meta has launched digital collectibles support on Facebook with select creators. This feature will enable the creators to show off NFTs on their profiles under a new tab. 

2.The official launch arrived a week after the CEO of Meta, Mark Zuckerberg, revealed that the company is looking to test the NFT support on Facebook soon. This will let the creator cross-post across social media platforms. However, this feature is yet to be revealed to a wider audience.  

Meta’s NFT Marketplace

Meta has foreseen a prospective future in the NFT space. Meta wants to be the go-to marketplace. Hence by opening a marketplace, they will be able to capitalize on the growing market of NFT. Meta looks forward to building a transparent and accessible marketplace for its users, thus protecting them from the fraudulence they might be prone to. The ‘payment processing infrastructure’ that Meta is said to provide will make the marketplace a more easy digital asset marketplace. 

On the Business front

  • For NFT owners, displaying their digital artifacts on social media will add value to their holding. It also helps them establish a unique identity in social media. 
  • As crypto is said to have a strong foothold in the future, crypto-compatible social media companies will have more NFT-oriented customers. 
  • The dominant social media platforms will also contribute to the evolution of the Web. 
  • With the introduction of Web3, more people might join social media, as the social interactions will be closer. 

So how will NFTs look on Facebook?

1.From the sneak peek that Meta had recently given, the users will have a “Digital Collectibles” tab on their Facebook profile where they can showcase their NFTs.

2.Crypto wallets can be connected to the Facebook profiles 

3.Users can turn their NFTs into Facebook Posts. Everyone can like, comment, and share any other post. 

4.Meta is looking to provide a space for the Web3 folks. 

5.The company is also said to provide a conducive chat space in Facebook groups that will look more like Discord. 

6.There was an announcement earlier that NFTs posted on the platform will directly take the NFT creator and collector. Collectors can also share their NFTs as stickers in augmented reality. 

The Stars of the NFT world 

NFTs do not restrict their boundaries to one particular field. Over the years, NFTs have only expanded their gates. Apart from social media platforms, sports, music, dance industry, etc., have taken their first steps in the NFT space. 

However, the sports industry has foreseen a lucrative future in the NFT space. With many NFT marketplaces exclusively for sports, the potential to invest and earn profits is also expanding. 

How does the sports industry fit in the NFT world?

Since childhood, many of us would have loved collecting cards and posters of our favorite sports stars. Who wouldn’t want to show off their famous cricket star’s merchandise? But, here’s the twist. With the introduction of NFTs, one could digitally own all cricket collectibles, cards, and memorabilia. Here, the ownership is  authenticate. Many fields and sectors are considering jumping onto the NFT bandwagon. 

Gaming and NFT

Gaming by itself is very interesting and immersive. But what adds that extra spice to games is NFTs. NFT games are the most immersive and lucrative gaming experience that anyone would want to experience. 

The play-to-earn model has garnered the appreciation and support of gamers across the globe. This paved the way for many to consider gaming a mainstream profession. 

Wrapping Up

The new developments in the NFT space also show how NFTs can diverge into different fields. The NFT wave is slowly taking over. As the boundaries expand, new opportunities and innovations come to light in the NFT market. 

With Web3 developing on one side, our perspectives toward social interactions have changed. NFTs serve as an entryway to the world of Web3. From live sports to concerts, NFT is helping you reach experiences.

 

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