Metaversal is bankless newsletter Weekly level-ups for NFTs, virtual worlds and collectibles
Dear country without banks
in my recent article Reddit Avatar NFTspeculated that we could soon see other social media giants do big NFT pivots.
It didn’t take long for that speculation to become reality, as Mark Zuckerberg’s Meta announced this week that it was launching an “end-to-end” NFT toolkit for Instagram users.
Love it or hate it, the news is huge.
Huge means the potential reach of this development is Literally huge, see how Instagram has over 1.4 billion users. That’s her 18% of everyone in the world.
Let’s dig into what you can expect from this NFT toolkit and also touch on the rise of web3’s native social media ecosystem in today’s post!
-WMP
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This week, Meta revealed that users will be able to deploy the following features immediately. Create, buy and sell digital collectibles — that is, NFT — on Instagram.
The announcement said:
“[Creators will] We have an end-to-end toolkit from creation (starting with the Polygon blockchain) to exhibition to sale. It’s easy to support the creators you love by purchasing digital collections directly within Instagram. We want to expand.”
As of now, little more is known.
However, meta have Instagram merch has been confirmed to be tradeable outside of Instagram, including NFT marketplaces like OpenSea.
Additionally, the metadata for these collectibles will be underpinned by Arweave, a decentralized data storage network that has surged in popularity in the NFT ecosystem over the last few years.
News of the NFT toolkit rollout comes as Meta ramps up its plans for digital collectibles this year. Here’s the timeline for the company’s previous collectible developments:
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May 2022 — Meta has started testing the ability to connect wallets and view Ethereum, Polygon and Flow NFTs on Facebook or Instagram.
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August 2022 — Meta has expanded the NFT test to users in another 100 countries, added support for new wallets such as Coinbase Wallet, and enabled cross-posting of merch on Facebook and Instagram.
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September 2022 — Meta has rolled out the digital collection feature to all Facebook and Instagram users in the US.S.
almost 3 million minted to dateReddit Collectible Avatars, introduced a whole new “Normie” audience to the world of NFTs.
But to put it into perspective, Reddit currently has 50 million daily active users (DAU), while Instagram has 10x more users reaching 500 million DAU.
This means that Instagram’s Digital Collections program has the potential to reach millions of people in the future. For example, on Instagram alone he has over 200 million businesses.
If even a small fraction of these users and companies adopt NFTs via Instagram in the coming years, the size of the NFT ecosystem and its user base are poised to grow rapidly in the near future.
Kathy Wood, CEO of Ark Investment Management, recently said: bloomberg (~16:00 minute mark), she said she wouldn’t be surprised if Twitter started developing its own cryptocurrency wallet.
I wouldn’t be surprised either.
Of course Twitter already supports adding Ethereum NFT profile picture Via wallets such as Coinbase Wallet, MetaMask, Rainbow. The platform has also started testing NFT Tweet Tiles.
As the crypto community is one of Twitter’s most active user groups and the NFT ecosystem is a significant part of these levels of activity, Twitter’s leadership will ultimately lead to more direct crypto and NFT services (native Twitter wallet) may decide that it is a win. – Win for the company.
web3 uses technologies such as blockchain and NFT to promote decentralization.
Why Decentralize? Because the concentration of power in culture and finance leads to all kinds of top-down abuse and inequality.
Built with blockchain and NFTs, open empowerment tools that can be used to level the playing field bottom-up, give everyone a voice, and better control their own journeys to allow access to
Having said that, decentralized Social media (that is, projects built natively on web3 technologies) is one area of interest that has seen a recent surge in building and experimenting.
No other project exemplifies this recent flowering lens protocolis an NFT-based social graph system built on Polygon, designed to serve as the foundation for an ecosystem of decentralized social network apps.
Indeed, Lens, its ecosystem, and the decentralized social media sector in general are in an incredibly early stage.It will still be at least a few years before these solutions can handle Large scale user base. But these early advances on web3 social play are encouraging, and hopefully they’ll be ready for the limelight soon.
Reddit, Instagram, Lens — what do they all have in common? They all depend polygonan Ethereum scaling solution to support early NFT efforts.
In fact, Reddit’s avatars are made with Polygon, Instagram launched a collections program with Polygon, and Lens profiles and posts are made with Polygon.
With affordable and fast transactions, a scaling roadmap and commitment to business development, the Polygon team is shedding tears when it comes to containing the early results of a burgeoning social media scene. As things stand, don’t be surprised if other mainstream social media companies jump into his Polygon.
William M. Peester is a professional writer and creator of metaversal— Bankless newsletter focused on the emergence of NFTs in the crypto economy. Recently, we also provide content to Bankless, JPG, etc.
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It is not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. This newsletter is not tax advice. Please consult your accountant. Please do your own research.
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