Facebook and Instagram introduce NFT

Changing the name of Facebook to Meta will not be just a graphic whim of its owner. It is supposed to be a real new opening and a change in the policy and business profile of the company. Mark Zuckerberg has just confirmed that you will be able to present and buy NFT on social media. The number of functionalities will grow.

NFT it is - in a nutshell - an internet reflection of art and collectors' items. It is a digital confirmation of the authenticity of e.g. a painting or elements of a collection. The most famous and expensive, of course, are those bought for millions of dollars Bored Monkeys. Their own NFTs were also released by show business stars, creators, but also a woman who, as a little girl, was photographed with a diabolical smile against the backdrop of a fire. Now - as an adult woman - she has finally monetized her whole life seeing her face in countless memes, rarely portraying her in a positive light.

Read more: Are there NFTs, how do they work and how to make money from them?

Now the NFT will come under thatch, literally. The rumors that the name was changed have just been confirmed Facebook at Meta will also change the company's approach to the latest technologies. In the coming days, internal NFT tests will start on Facebook and Instagram. In the first phase, everyone will be able to present their own NFT on their profile, but over time the number of functionalities will grow rapidly. This could be another turning point for this market.

At the same time, augmented reality tests will be carried out in Instagram Stories. The NFTs are to get started as soon as possible. Mark Zuckerberg, founder and owner of Facebook, officially admitted this.

- It was very nice talking to Tom Bilyeu about NFT, web3 and metaverse. This week, we're kicking off Instagram's digital collector's items testing, allowing creators and collectors to display their NFT on their profiles. Similar functionality is coming soon to Facebook, along with NFT in Augmented Reality on Instagram Stories via Spark AR, allowing you to embed digital art in real spaces - emphasizes Mark Zuckerberg. 

This, in turn, is a place to connect Facebook with the autonomous VR goggles from Oculus - let us add that it also belongs to the Meta group and, according to impartial observers, becomes a market leader. However, the work on the new version of the goggles, which will provide an even better experience, is already coming to an end. Augmented virtual reality together with NFT collections are to complement this world, which will allow you to immerse yourself in it for good and start a new, digital life. 

The end of the NFT rush, the market becomes more mature

It is worth recalling, however, that the popularity of the NFT has decreased recently. We dealt with the fever on this market mainly in 2021. It was then that the NFT with a bored monkey could be bought for 1 thousand. PLN, to sell for a round PLN 1 million after a year. 

After the first quarter of 2022, the turnover of the NFT market is slowly declining in the second quarter. In one of the major NFT markets, OpenSea, in April, monthly sales amounted to USD 93,6 million. However, it was $ 150 million in March and $ 95 million in February. In turn, on the Nifty Gateway platform, owned by Gemini, in March 2022 NFT was sold for USD 144 million, and in April for USD 60,9 million. Although the dynamics of turnover is undoubtedly falling, it is still much higher than two years ago, and the market is much wider.