Introduction
The underdog of the 2020s – NFTs have very well made their presence known in the last two years. With $41 billion in 2021 alone, the sector has given confidence to big conglomerates like Meta to start thinking about implementing NFTs into their everyday working module.
Instagram is a big entity on its own, and the integration of NFTs in its future application seems very fitting. This article takes a brief peek into NFTs, how blockchain aids in Web NFT, ways Instagram & Facebook could start minting NFTs in their platform, and the advantages & disadvantages in the sector.
What are NFTs, and how do they fit into the equation of online commerce?
NFTs stand for non-fungible tokens. They are not asset class objects by no measure, but effective action has been made on that front to make it a reality. Digital assets are non-fungible due to being considered as unique individual objects that have been assigned a particular value and a token serial number.
NFTs are bought with their equivalent worth in cryptocurrencies, which are also evidently interconnected. The commonality arises from both these sectors
residing on blockchain technology. Developing NFTs is in accordance with the kind of NFTs trying to get minted.
The blockchain standards depend upon the platform or the marketplace – Like Instagram, which is trying to solve this case it is to start minting on a public, centralized, and community-based commerce platform.
Blockchain in Web3 & NFTs
Blockchain is perhaps the most important innovation that has been actively being developed to test its limits since the late 2010s. Their use case in the online space and digital landscape to better the human experience has given rise to many technological advancements that have gone on to be recognized as their own individual entities.
The likes of Web3, decentralization, NFTs, artificial intelligence, P2P communication, and much more. These industries are also mutually inclusive, meaning one or more aspects of the blockchain can overlap to provide a full-fledged service.
The interoperability and permanence of the blockchain have been very well translated to the digital asset trading platform. With respect to the NFTs, Blockchain is an online registry that stores the existence – the metadata that links the existence and ownership of the assets to the owner.
This is highly revered because securing and monetizing an object in the online realm has not been quite successful. GuardianLink is one of the Best NFT Launchpad in the Web 3 realms. With their centralized no-code NFT platform they are assisting the entrepreneurs to develop their personalized NFT Launchpad.
But the decentralized space provides transparency, and security, and eliminates intermediaries. This metadata is stored across a multitude of systems spread throughout a specific net region. Hacking/theft of the NFTs becomes an impossible task.
The industries inducted into the NFTs to be minted on the blockchain are art, music, gaming, metaverse, real estate, etc. They can also be used as marketing, merchandising, and ticketing tools.
How Meta is planning to execute NFTs in its interface
The social media platform is an established household name that is being used by billions all over the world.
Facebook and Instagram under one roof, “Meta” overlooked by Mark Zuckerberg, is set to integrate NFTs into their platform. However, the question arises of how the company is trying to implement the digital asset trade possible in its interface. Social media platforms are an interactive space already used for interaction through messages, sharing a variety of media, and
even commerce.
These socials are also the workplace and secondary home. For influencers and application creators who have a stake and a revenue model running in these spaces. The CEO of Meta has announced to tease us with how the NFTs will play into the platform. But some of the existing bugs and screws that need tightening in these platforms are the first priority. But he gave confidence not to fret, as there are active motions in place to integrate NFTs within a few months.
NFTs being interwoven into social media is not an impossible task as another big platform – Twitter has already been successful on this front. The digital assets will be able to be minted once the platform itself is implemented. And the fun doesn’t stop there – metaverse, games, and in specific – avatars and accessories. That can be bought for the avatars in the space are going to change the platform, says the creator of Facebook.
Advantages of NFTs in social media
● The participants can trade and generate revenue.
● Influencers can integrate another source of income into their working model. Using Customized NFT launchpads can also serve as another revenue stream – where the aspects of Web3 and NFTs can overlap.
● These tools serve as an excellent escapism aspect.
Drawbacks
The NFTs, as mentioned, might not be an asset class purchase. There are still many people unaware of the inner workings of the sector, which may serve as a hindrance and cause a backlash. FTs consume a lot of power to be minted and stored on the blockchain. Concluding thoughts The next step in the evolution of the company, utility, is going to play. A huge part of implementing NFTs in social media applications. With the advancements in the sector like NFT launchpad platforms, it is not a far-fetched idea to execute NFTs in social media. Influencers and artists can make use of the customized NFT launchpad to start their own dedicated marketplaces. Some of the prominent spaces in the NFT launchpad space are GuardianLink, NFT launch, and NFTb.
