Monday, February 6, 2023

Instagram Will Integrate NFT And Boost The Mainstream Adoption: DB

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Instagram will integrate NFT and will boost mainstream adoption in that way according to the recent analysis by Deutsche Bank that we are reading more about in today’s latest cryptocurrency news.

Deutsche Bank is a former crypto critic but now it thinks that Instagram will integrate NFTs and will boost crypto adoption by legitimizing these assets. According to the reports from the bank, the deployment of NFT technology on Instagram has a strong potential to energize the market and make it mainstream. The CEO and founder of Meta Mark Zuckerberg confirmed that the company will bring NFTs on Instagram in the next few months and will allow users to mint these assets on the platform directly.

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The note indicated that Instagram will simplify the process of purchasing and selling NFTs, it will reduce the barriers to accessing the form of digital assets. With the notable brand effect, the note said that Instagram will legitimize NFTs and will boost public adoption. The German Bank predicted that Instagram building the NFT marketplace can bring up to 8 billion net transactions per year but besides Instagram, other major companies like Snap and Twitter will bring NFTs to their platforms.

Twitter started allowing its users earlier this year to showcase the NFTs they own as profile pictures and this feature draws some attention along with the rising popularity of NFT projects such as Bored Apes Yacht Club. Reddit which is another social media platform is looking for managers and engineers to build the biggest creator economy on the internet that is powered by independent creators, NFTs, and digital goods which is a sign that the company is trying to develop its own NFT marketplace and a vibrant community based on NFT collections.

The note described the market as in a stage of hypergrowth and added that the total addressable industry will likely exceed $1 trillion. According to the report, the transaction volume of NFTs hit $25 billion last year which is up to 250 times more than the volume of $95 million by 2020.

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As previously reported, Mark Zuckerberg announces NFTs are coming to Instagram but he didn’t quite specify when that might happen. The CEO of META confirmed that the non-fungible tokens or NFTs will be coming into the picture for the app. He made the announcement during the SXSW conference but didn’t provide a date for when the new feature might drop on Instagram.

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