- Meta explores compatible AR integration for NFT trading.
- Instagram starts testing its NFT integration this week.
- Twitter and Reddit embrace NFT trading.
Social media conglomerate Meta Inc., formerly known as Facebook, is exploring ways to embrace web3 technologies by integrating non-fungible-tokens (NFTs) on its platform through its augmented reality software tool. The company’s AR tool, Spark AR, will enable users to create and sell NFTs through their stories.
This development was initiated after Instagram Chief Adam Mosseri expressed how his social network was “actively exploring” NFTs during a Q&A posted to his Instagram stories last December. Earlier in October, Mark Zuckerberg, CEO of Meta Inc. stated the need for Meta to support ownership of digital goods and NFTs.
Although NFTs are often criticized for their uncertainty (sudden price rises and steep falls with shocking speed) and lack of security (often stolen despite guaranteed claims of ownership), these assets promise significant value if only existing tech giants offer to support.
In recent months, NFTs have been gaining momentum with various established web platforms. According to some reports, NFTs are disrupting the monthly trade records by logging $4 billion in monthly sales.
With this launch, it would be the biggest mainstream support received by NFTs to date, solidifying these controversial assets’ place in the digital world.
Meanwhile, Reddit introduced its collection of NFT avatars, alongside Twitter, enabling its users to link any NFTs they own to their Twitter account. As proof of authenticating their profiles, a hexagon-shaped mask will appear next to the authentic NFT profile pictures.
In other news, Tesla CEO Elon Musk is planning to fire 1,000 Twitter employees as soon as his purchase of the social media platform finalizes. He also intends to increase revenue to $26.4 billion by 2028.