The NFT hype is not over yet! Meta has recently announced that they are looking to introduce a new NFT display options for Facebook.
Facebook users will have the ability to create custom NFT posts, which will have a digital collectible tag attached to them. Your Facebook profile will also get upgraded with an additional section dedicated to showing off your new creations!
On the other hand, Instagram has already launched the first stage of their NFT support program. Users will be able to scroll through these NFT images as well as identify who owns the artwork, who created it and read a short description of each artwork.
Although this idea is new and exciting, NFTs are currently suffering a major downfall as customer interest has significantly strayed. This has led to a devastating 92% decline in NFT sales since September 2021. Customers have also started to lose trust in this investment opportunity due to an increase in scams, leading to people losing large amounts of money as a result. People are no longer as invested in the idea, as the thought of losing all their money is a scary one – creating major hesitation around the concept.
The main idea behind introducing NFTs to Facebook is that Meta sees this as a steppingstone, with digital items becoming much bigger and more extravagant in the near future. They predict that people are going to start buying more digital items in an effort to showcase their status and personality in this virtual reality.
To top it all off, Meta is currently testing the waters with an NFT marketplace, which would be used to sell a variety of virtual items, and provide a central place for users to buy and display their virtual collateral.
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