NFT: Instagram goes up a gear!

News hardware NFT: Instagram goes up a gear!

A few months earlier, Meta announced the arrival of non-fungible tokens (NFT) on Facebook’s social network. From then on, it was only a matter of time before the group took the same initiative to its other social network: Instagram.

NFTs will be tested on Instagram in more than 100 countries

Mark Zuckerberg, CEO of Meta, himself announced the news via his Facebook profile. Surprisingly (or not…), the head of the Meta parent company even took the opportunity to share a baseball card with him at a young age.

“In honor of expanding collectible digital NFTs to 100 more countries on Instagram and launching new integrations with Coinbase and Dapper, I’m sharing my future Little League NFT baseball card that someone recently found and sent me… @mcomicconnect has backstory on my baseball card Mark Zuckerberg said on his Facebook wall.

This strange card will be the subject of a physical and virtual sale, as the CEO intends to use it for his first collection of NFTs…

In addition to this atypical sale, Meta intends to implement features related to NFTs on Instagram in a hundred countries. At the moment, the list of “happy” chosen is unknown.

NFTs on Instagram, but in what form?

The project will allow thousands of Instagram users to display and exchange collectibles in the form of NFTs directly on the social network.

To store these virtual property rights in token form, the social network has partnered with the Flow blockchain. This initiative comes as an extension of the initial testing phase that took place on certain Instagram accounts in the United States.

In the same way as Twitter, Instagram will allow users of the platform to consult information related to NFT directly on the application. Thus, creators will be able to show their property rights on images or videos.

Twitter NFT

Twitter Nft

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 social network Facebook. It is now clear that the group wants to develop the applications of web3, despite the decrease in the value of the NFT market since the beginning of the year.

But aside from the speculation surrounding this NFT phenomenon, it seems that Meta is particularly interested in the possibilities offered by blockchain technology. By using NFT features on its social networks, the group was able to significantly develop the platform’s economy for content creators. These economic opportunities could attract new users to Instagram and generate a (re)increase in interest.

In addition to the speculative aspect, it is important to clarify that this technology will also make it possible to secure the content of the platform and to assert the rights of creators more effectively on social networks.

By conducting test phases organized on Instagram and Facebook, the group announces the color of its future metaverse. We imagine the next step could be the implementation of NFTs in Horizon World, Meta’s metaverse.

About NFTs

What is an NFT?

An NFT is the abbreviation of Non Fungible Token or non-fungible token in French. NFTs are cryptographic tokens issued on a blockchain.

Leveraging this technology in the creation of cryptocurrencies, NFTs inscribe inviolable properties in this virtual registry. As a result, NFTs are true proof of digital ownership.

Is an NFT necessarily an image?

A distinction must be made between an NFT and the associated object. In fact, the non-fungible token is above all a virtual property certificate and not the digital file as such. An NFT is usually associated with a photo or video, but it can also take the form of text, music or any other digital format.

What is an NFT used for?

NFTs are generally used to assert property rights online. The owner of a token of a virtual work can thus collect royalties, ensure respect for the intellectual property of his digital object, etc.

This feature has especially allowed NFT to shine in art by creating value and rarity in digital images available online. In addition to art, this technology also offers several applications in several sectors, such as in video games, the traceability of a product, etc.

How is the value of an NFT defined?

These tokens are non-fungible ie. they have a unique value unlike cryptos which are fungible (1 bitcoin = 1 bitcoin).

The price of an NFT is therefore arbitrarily set by the owner of the token. This price is usually in cryptocurrency, most of the time in Ether (ETH).

How to buy and sell NFTs?

NFTs are generally bought or resold on trading platforms such as Opensea or Foundation.

What is an NFT coin?

“Mint” or strike in French, is the initial sale process for a token. To permanently become part of the blockchain ledger, these new tokens must be in shape. By this action, the user gets to complete a transaction with his fees to see his token appear first hand on the blockchain.

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