Instagram to take a shot at capturing NFTs
- Meta-owned Instagram’s foray into NFTs could drive up to US$8 billion in net annual revenue.
- The total addressable market for the non-interchangeable units of data is estimated to be more than US$1 trillion.
- Ukraine’s government is looking into NFTs as a way to finance its war with Russia.
The market of non-fungible-tokens (NFTs) is poised to go mainstream with photo and video sharing social networking service Instagram looking into the unique cryptographic tokens marketplace.
Instagram will reportedly simplify the process of buying and selling NFTs, therefore lowering barriers to entry.
The platform’s strong global brand recognition is to be used to legitimatise NFTs and serve to erode buying hesitancy across the company’s broader audience.
According to a Deutsche Bank report, bringing NFTs to Instagram’s massive audience of nearly one billion monthly active users, there is the potential to supercharge the expanding market into the mainstream.
NFTs are non-interchangeable units of data stored on a blockchain — a form of digital ledger — that can be sold and traded and may be associated with digital files such as photos, videos, and audio. Hence Instagram’s interest.
The launch of an NFT marketplace on Meta-owned Instagram is very likely to gain traction, with Deutsche Bank estimating it could drive up to US$8 billion in net annual revenue.
The bank said that the total addressable market for NFTs could be worth more than US$1 trillion, predominantly led by categories such as art, collectibles, and gambling.
Meanwhile, recent reports have cited that the Ukrainian government is looking into NFTs as a way to finance its war with Russia.
Ukraine’s Ministry of Digital Transformation, which has embraced crypto in recent weeks as a means of soliciting donations from sympathetic foreigners, is releasing 54 NFTs in the hope of raising awareness and funds to stave off Russia’s military.
While Ukraine’s contemporary spin on the war bond (a debt security sold to finance a war and stave off inflation) is unique, NFTs have been widely accepted by the global sporting community.
Just recently, cricketing legend Aaron Finch launched some Polygon-minted NFTs on Rario – the world’s first officially licensed cricket NFT platform.
Last year, the NBA’s Golden State Warriors in the US said it was teaming up with crypto exchange FTX, as professional sports leagues around the world embrace crypto and NFTs, as reported by Grafa.
And earlier this month, Qantas announced it is about to take off to a whole new destination when it enters the fledgling digital assets sector later this year when it sells NFTs featuring its aircraft and liveries (insignia comprising colour, graphic, and typographical identifiers).
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