Hello everyone...
Since all this great revolution in NFT started, many companies have been very interested because they see it as a new way to enter an emerging economy and to enter a different market with multiple uses. For example, the NBA ventured with the sales of its NBA top Shot and had a resounding success with billions of dollars in sales, which helped a lot to this sports organization when the pandemic was hitting the world economy.
but as NFTs have many use cases they have moved into other economies such as gaming, music and also in the social networking arena, being very popular in the latter.
For example recently, Twitter added a new update that allows its users to show off in their profile picture some NFT they have bought in an Ethereum NFT market, another very famous social network that also ventured into the world of NFTs was Reddit that has also implemented NFT avatars from its own collection and finally another social network that has also ventured into NFTs but some time ago has been OnlyFans enabled NFT profile pictures just as Twitter did later.
So as the NFT market is constantly on the rise, many large companies are seeing as a great advantage to venture into this market, and that is why finally Meta (Formerly Facebook) also announced that it will venture into the world of NFT but in a very different way to its social networking competitors, as Meta also plans to create an NFT market, but by the statements for the moment will be on Instagram, although we already know that if there is a new update for Instagram soon after we also see it on Facebook and WhatsApp.
Why is this announcement so important?
Because it brings forward by many years the adoption we are waiting for. Since Instagram has more than 1 billion active users and 500 million use it every day, this would mean an adoption that would be very positive for the crypto market, since in addition to Instagram if this is also applied to Facebook and WhatsApp users, there would be approximately 3 billion users that would have the crypto market at their disposal.
Of course, we must be attentive because this project may present problems as Diem did. But if successful, this project would mean a very massive adoption, since meta applications involve many users. In fact, watching a short from youtubera and youtubera Crypto Mason, I could see that people are very receptive of this great update:
Of course, we know that this also comes with a lot of centralization as Meta has been doing for quite some time, but since it's all about cryptocurrencies and blockchain, they may lose control at the end of the day.
What about you, what do you think of this announcement by Meta, do you think it will have a positive or negative outcome, let me know your answers in the comments. thanks so much for reading.