Mumbai: Social media tech giants Facebook, Instagram and Twitter are all gearing up to explore the world of non-fungible tokens or NFTs. These social media platforms are working on their NFT plans and new features for users.
The Meta owned Facebook and Instagram are reportedly working on plans around NFTs that will allow users to display their own NFTs on social media platforms. Not only that they will also be able to sell their NFTs on Facebook and Instagram.
Although, as per the Financial Times report, those plans are at a very stage as of now and users may get some such feature going ahead. Meta owned Facebook, Instagram reportedly is also exploring possibilities of building its marketplace that allows its users to trade NFTs.
And this could lead to monetization for the users or in the larger context it opens up the commercialisation of NFTs for Facebook and Instagram. Though, it may be hard to guess exactly when these features will be rolled out by Facebook and Instagram.
But one thing is getting clear so far the social media conglomerate is concerned. And that is — it is betting big on the next phase of growth through new digital technologies such as AR, VR, Blockchain and the 3D virtual world of Metaverse.
While the Meta owned social platforms’ plans around NFTs are still in the early stage. Another social media tech giant Twitter has rolled out a new NFT led feature for some of its Twitter Blue users last week.
This new feature lets users set NFT images as the profile picture and other Twitter users will be able to see those NFT images on the user’s account profile.
Twitter is currently offering its new NFT profile picture feature to Twitter Blue subscribers on the iOS platform in the US, Canada, Australia and New Zealand.
With Facebook and Instagram sitting on huge volumes of millions and millions of user-generated images and pictures, Meta will have no dearth of digital images, which users could trade on its NFT marketplace in future.
In addition, it can also look at launching paid services around NFTs for brands, advertisers and companies in future which possible turns into a new revenue stream as well.
Though NFTs have grabbed some attention from Facebook, Instagram and Twitter. How much the future holds for NFTs in the digital world from a business perspective remains a bit unclear and premature to predict.
Looking at the worth of the marketplace for non-fungible tokens (NFTs) – the digital collectibles pieces of art or images powered with blockchain technology touched $41 billion in 2021, as per the Chainalysis report.
This gives enough reasons to understand why these social media giants, Facebook, Instagram, Twitter and other tech and media companies are exploring the world of NFTs.