news devices NFT: Instagram is on the rise!
A few months ago, Meta announced the arrival of non-fungible tokens (NFT) on the social network Facebook. Since then, it was only a matter of time before the group took the same initiative for its other social network: Instagram.
Instagram NFTs will be tested in over 100 countries
Mark Zuckerberg, CEO of Meta, announced the news himself via his Facebook profile. Surprisingly (or not…), the president of parent company Meta took the opportunity to share a baseball card showing him at such a young age.
“In honor of expanding the reach of the digital collectible NFT to 100 more countries on Instagram, and launching new integrations with Coinbase and Dapper, I am sharing my futuristic Little League NFT baseball card, which someone recently found and sent to me… A backstory on a baseball card my own.” Mark Zuckerberg said on his Facebook wall.
This exotic card will be the subject of a physical and virtual sale as the CEO intends to use it on his first batch of NFTs…
In addition to this unusual sale, Meta intends to roll out features related to NFTs on Instagram in a hundred countries. At the moment, the list of “happy” electors is unknown.
NFTs on Instagram, but in what form?
The project will allow thousands of Instagram users to view and share collectibles in the form of NFTs directly on the social network.
To store these virtual property rights in the form of a token, the social network has partnered with the Flow blockchain. This initiative comes as an extension of the first testing phase conducted on some Instagram accounts in the United States.
As with Twitter, Instagram will allow users of the platform to be able to refer to information related to the NFT directly on the app. Thus, creators will be able to display their copyright on images or videos.
The creators of the platform will also be able to trade and acquire NFTs without going through another platform such as Opensea.
Last June, Meta also announced the launch of NFTs on its Facebook social network. It is now clear that the group wants to develop uses for Web 3, despite the depreciation of the NFT market since the beginning of the year.
However, regardless of the speculation about this phenomenon of NFT, Meta seems to be particularly interested in the possibilities offered by blockchain technology. By using NFT functionality on its social networks, the group can significantly develop the platform’s content creator economy. These financial opportunities can attract new users to Instagram and generate (re) gain interest.
In addition to the speculative aspect, it is important to specify that this technology will also make it possible to secure the content of the platform and more efficiently assert the rights of creators on social networks.
Performing organized testing phases on Instagram and Facebook, the group announces the color of the future metaverse. We imagine the next step could be the implementation of NFTs in the Horizon World, Meta metaverse.
What is NFT?
NFT is an acronym for Non Fungible Token or Non-Fungible Token in French. NFTs are crypto tokens issued on the blockchain.
By exploiting this technology in the genesis of cryptocurrencies, NFTs record inviolable properties in this virtual registry. As a result, NFTs are true proof of digital ownership.
Is NFT necessarily an image?
A distinction must be made between NFT and its associated object. In fact, the non-replaceable token is above all a virtual ownership certificate and not the digital file as such. An NFT is usually associated with an image or video, but it can also take the form of text, music, or any other digital format.
What is NFT used for?
NFTs are generally used to assert property rights over the Internet. Thus, the owner of a virtual business token can collect royalties, ensure respect for the intellectual property of their digital subject, etc.
This feature has notably enabled NFT to shine in art by creating value and scarcity in digital images available on the web. In addition to art, this technology offers versatility in several sectors such as video games, product traceability, etc.
How is the NFT value determined?
These tokens are non-fungible, that is, they have a unique value unlike cryptocurrencies, which can be exchanged (1 bitcoin = 1 bitcoin).
Therefore, the price of the NFT is set arbitrarily by the owner of the token. This price is usually in cryptocurrency, most often in Ether (ETH).
How do you buy and sell NFTs?
NFTs are generally bought or resold on trading platforms such as Opensea or Foundation.
What is NFT Mint?
“Mint,” or strike in French, is the initial sale of the token. In order to become a permanent part of the blockchain ledger, these new tokens must be an instrument. Through this procedure, the user comes to complete a transaction with his fee to see his token appear live on the blockchain.