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Meta tries to revive the NFT party 

  • Meta, the company once known as Facebook, said last week that creators will be able to make their own NFTs and sell them directly to fans, both on and off its Instagram platform.
  • Meta’s decision of integrating NFTs was seen as an attempt by the social media giant to lift the firm out of another terrible quarter that has come .

 

According to data tracker NonFungible.com, while flagship tokens Bitcoin and Ethereum have lost about 70% of their value, the average price observed on the markets of all NFTs traded has dropped a whopping 85% this year alone.

Despite the profound uncertainties of the NFTs market, Meta, the company once known as Facebook, said last week that creators will be able to make their own NFTs and sell them directly to fans, both on and off its Instagram platform.

Meta CEO Mark Zuckerberg has spent nearly US$10 billion on building the Web3 and Metaverse so far this year and will spend even more next year despite uncertain monetization from the space and amidst a slowing global economy.

Not to be outdone by cryptocurrencies, Meta shares have fallen 73% this year.

Meta’s decision of integrating NFTs was seen as an attempt by the social media giant to lift the firm out of another terrible quarter that has come.

Meta has been experimenting with NFTs on Instagram and Facebook since last year but up until now, Instagram users have only been able to show off their digital collectibles as opposed to creating them.

Now, Instagram will have an “end-to-end toolkit” so creators can make NFT collections and sell them to their fans and followers.

The expansion of NFTs on Instagram is part of a broader push by Meta to increase money-making features for the creators in its apps, in an effort to monetize the new technology.

Rival social media platform Reddit also launched a “collectible avatar” marketplace this past summer.

Whether NFTs become the silver bullet for Meta’s problems remain to be seen. NFT prices have been falling and volumes have grown increasingly thin, but influencers looking for new revenue streams may benefit.

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SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

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