NFTs are now scheduled to enter social media platforms

Adam Moressi, CEO of Instagram, has revealed that NFT testing will begin as early as next week.

Ever since its emergence, social media has completely revolutionised the way that we communicate, interact, and engage with each other. Social networking platforms such as Instagram, Snapchat, Facebook, Twitter, and TikTok are responsible for providing people with opportunities to create businesses, portray their best works, and freely express themselves online. But the fun of social media does not end there. 

NFTs future on social media

Imagine a world where non-fungible tokens (NFTs) existed within social media platforms. Well, you don't have to anymore. On 9 May 2022, Instagram announced that they will be testing NFTs for the first time.

Since Adam Moressi's announcement of NFT coming to Instagram, Facebook's CEO, Mark Zuckerberg, confirmed that Facebook would also do NFT testing.

Prominent social media sites, such as these, would benefit significantly from having NFTs, since it would motivate artists to use their platform by providing another route for them to spread their best work without limitations.

Not only that, but Instagram intends to launch 'digital collectables', which are limited editions of virtual things. The goal is to let users to share these collectibles, with contributors providing public information about their contributions.

Instagram introduced the concept of NFTs in summer 2021, providing instances of its use.

The NFT Marketplace

The NFT Marketplace is continually expanding as blockchain technology advances. It has transitioned from being an element that was almost in complete obscurity, to a fundamental contributor to the growth of cryptocurrencies. 

Crypto experts and financial market analysts have predicted that the NFT market will have a thriving future. According to research obtained by coinmarket.com, the NFT market is estimated to increase by 35% into a $13.6 billion industry by 2027.

The growth of the gaming community, the endorsement of NFTs by influencers, and the increasing demand for digital products and services are all key elements driving the sector forward.