A report by Financial Times reveals that three Social Media platforms are all set to jump on the NFT bandwagon. Accordingly, these platforms are Twitter and products from Meta such as Facebook, and Instagram are adopting NFT soon.
Twitter Releases Test Feature
On 20th January, Twitter revealed a test feature on the platform. Bluetick users on Twitter will be able to set Non-Fungible Tokens (NFT) as their profile picture.
NFTs are unique digital items that can be anything from drawing, music, video, audio, or digital art. Last year saw the boom of these tokens and their entry into mainstream culture.
NFTs have caught the attention of people and businesses in every industry.
With social media giants like Instagram and Facebook entering the NFT marketplace, mass adoption of these digital collectables will no longer be a dream.
Twitter Product Lead Comments On Move
Esther Crawford, the product lead at Twitter, explained the reasoning behind the move to have an NFT profile picture to Fairchild Media’s WWD.
The social media giant provides a way for people to prove ownership of their NFTs.
Crawford says, “Authenticity around NFT is important to the crypto community, and with NFT Profile Pictures, we are providing a way for people to prove ownership over their NFTs and support those making this art by highlighting information about the artists, their collection, provenance and more, by simply clicking on the NFT profile pictures.”
Meta Working On Its Own NFT Marketplace
Similarly, Meta seems to be heading in the same direction as Twitter.
Inside sources say that the company is working on NFT profile pictures. They will also enable creating and selling of digital collectables on the social media platform itself.
Concerns Raised About Users Literacy On Crypto
Contrarily, a recent literacy survey by crypto exchange platforms like Coinme noted a concerning development.
The YouGov Crypto literacy survey revealed that 96 per cent of Americans do not understand the basics of cryptocurrency or Non-Fungible Tokens.
Furthermore, numerous studies say that even crypto investors do not understand the basics of these digital assets.
Previously, a report by Chainanalysis Ltd. revealed that Non-Fungible Tokes-related investments were worth $41 billion in 2021.
Experts are divided on whether the NFT marketplace will boom, bust, or stabilize.
Many say that the digital collectables’ boom shows all signs of a financial bubble in the making. Presently, the global cryptocurrency market is worth around $1.99 trillion in market capitalization.