Social media platforms are embracing non-fungible tokens in the form of digital collectibles
Print
Email
The increasing adoption of NFTs in gaming platforms can upsurge digital items trading soon. In addition, various social media platforms revealed their recent plans to allow users to trade and display NFTs on their profiles is another boosting factor for NFTs market growth. For instance,
- Reddit, an American social networking website, announced that it would offer blockchain-backed collectible avatars in July 2022. These avatars are non-fungible tokens available in the Reddit Avatar Builder for purchase. Various independent artists partnered with Reddit to make these avatars, which purchasers can customize in Avatar Builder according to their wish. The NFTs are uniquely numbered with multiple avatars of each design and stored in Vault, a blockchain-powered wallet on Reddit.
- In June 2022, Meta launched new NFT display options on Facebook to support NFTs. Like Instagram, the company began a deployment that allows a small number of American creators to share NFTs on their profiles. The creators can upload NFTS to their profiles under a new tab, representing the work as “digital collectibles.” When users tap on these collectibles, they will know the information of the owner of the artwork, the creator, and a brief description of the item. Soon, Meta will permit creators to cross-post on both Facebook and Instagram platforms. Moreover, the company will develop 3D or augmented reality NFTs that can be posted to Instagram stories with a software AR platform, Spark AR.
- Instagram, a Meta-owned company, has introduced a digital collectibles feature to support creators and collectors in displaying their NFTs in May 2022. In June, Instagram began testing its new feature with a selected number of creators and collectors in the US. They can share their NFTs created or bought on their posts and reels. Instagram currently supports only Ethereum and Polygon blockchains and will support Flow and Solana blockchains soon. Moreover, third-party wallets such as MetaMask, Rainbow, and Trust Wallet are compatible. Instagram does not charge any fees for posting or sharing digital collectibles.
- In January 2022, Twitter announced a feature to allow its users to display their non-fungible tokens (NFTs) on their profile, limited to only Twitter Blue subscribers. The company introduced NFT profile pictures to its priority subscribers on iOS through Twitter Blue’s early access labs feature. Later, this service will be rolled out to Android users and the web. As Twitter Blue subscription is not globally available, the adoption of NFT profile pictures is currently limited to a few countries, including the US, Canada, New Zealand, and Australia.
Several social media platforms are bringing NFTs to their space to support NFTs is a lucrative growth opportunity for the NFT market. NFTs have become more popular recently, with several digital collectibles sold millions of dollars. Many celebrities have also started creating their personal NFTs to connect with fans. In the Metaverse future, these digital collectibles will become more popular; eventually, people will be more interested in buying digital items to exhibit their status and personality in the virtual world.
Consequently, many social media platforms plan to advance with NFT projects, which acts as a stepping-stone for their growth. With the increasing adoption of NFTs by social media platforms, users will be able to prove the ownership of their NFTs by displaying them on their accounts and tagging creators who developed them. This, in turn, will increase the cultural visibility of NFTs in the longer run.
To know more and gain a deeper understanding of the NFT market in the United States, click here.
