Mark Zuckerberg has been teasing the idea of NFTs for its platforms for a while now but nothing was confirmed until recently when the Meta founder shared more details regarding their presence on Instagram and more.
“We’re starting building for NFTs, not just in our metaverse and Reality Labs work, but also across our family of apps.” Zuckerberg said in a post on Facebook. “We’re starting to test digital collectibles on Instagram so that creators and collectors can display their NFTs.”
In Instagram, Stories will host 3D NFTs through Spark augmented reality platform and, according to CoinDesk, you can expect integrations from Ethereum, Polygon, Solana and Flow. If you’re wondering what kind of NFTs could make it on the Meta platforms, Zuck referenced in March your avatar’s clothing as an example.
But is it good timing? As Zuckerberg is jumping head first in the NFT pool, the crypto market at general shows worrisome signs.
Cryptocurrency is going through a slump, as investors pull out of Bitcoin and Ethereum; the number of active traders went from a million or so account at the beginning of 2022 to less than 500K, according to NBC News.
The value of NFTs is declining rapidly, too. Remember how the first tweet ever was bought for the insane sum of $2.9 million? Recently, the owner didn’t get a better offer than $14,000. Similarly, a Cryptopunk valued at $1.03 million last fall is down to $139,000 right now.
It remains to be seen whether Zuck’s NFT bet will pay off in this context or not.