Metaverse’s Media Frenzy About its NFT Saga…

What Made the News Headlines Last Week? We all know how NFT and Metaverse are the most trending buzzwords today. Have you been wondering what is Metaverse ? And will these trends engage as much audience in the future as today??

At the beginning of 2022, Twitter introduced NFTS non-fungible tokens as hexagon-shaped profile pics to its premium users. From that to the shareable posts on Instagram - NFTs have come a long way.

The CEO at Meta announced that starting from the first week of August 2022, they are testing digital collectables with some handpicked creators located in the US. This list included Boss Beauties, Swope & Jen Stark. All creators who have created or bought NFTs can share their collections on Instagram.

Some Noteworthy Information about this Update

• Also, users can now connect their digital wallets for making transactions and exchanging NFTs. Instagram has integrated both Coinbase and Dapper wallets.
• Sharing and posting NFTs on Instagram as feed, stories, or messages is and will be FOC - free of cost.
• This update also includes automatically tagging the creator and collector of that digital collectible.
• As of now, Instagram supports blockchains like Ethereum, Polygon, and Flow.

How to Differentiate Between General Posts and NFTs in the Feed?

Instagram taking this plunge after Twitter and Discord being the go-to platforms for people was long overdue.

A unique shimmer on the Instagram posts on NFTs sets those tokens visually apart from the other basic Instagram posts.

Also, these posts have a distinguished ‘digital collectible badge’ on the lower right corner, which further lists the following metadata:

1. Names of the creator and/or owner of the NFT?
2. Name of the platform it is created on.
3. Brief description of more details about the concept.
4. Identifier linking to the blockchain it was minted on.

Instagram’s tools help cut down on scams as users can now verify the creation and ownership details of entire NFT collections featured in IG posts.

How Secure is this as Compared to the Original NFT Ecosystem?

Undoubtedly the team at Instagram has been working on the security of these platforms. There were a couple of issues reported by the chosen users. Those bugs have been removed in this update.

Secondly, when this platform monetizes NFT exchanges for crypto and other accepted currencies, the backend team will integrate enhanced levels of security into the system.

Meta’s (Zuckerberg’s) Future Vision on NFTs

What the future holds for NFTs and Metaverse might still be hazy. However, users and non-users of blockchain technology and NFTs have raised questions about how sustainable these technologies are.

Adding more to this, some promises have been made that creators will be able to earn a living from NFTs on Instagram in the time to come. Conclusively, the opportunists should learn how to create an NFT marketplace and then plan its expansion on Instagram as time passes.

Resultantly, Meta will purchase renewable energy to compensate and reduce the impact of emissions.