News hardware NFT: Instagram goes up a gear!
A few months earlier, Meta announced the arrival of non-fungible tokens (NFT) on the Facebook social network. From then on, it was only a matter of time before the group took the same initiative for its other social network: Instagram.
NFTs will be tested on Instagram in more than 100 countries
Mark Zuckerberg, CEO of Meta, announced the news himself via his Facebook profile. Surprisingly (or not…), the boss of the Meta parent company even took the opportunity to share a baseball card featuring him at a young age.
“In honor of expanding collectible digital NFTs to 100 more countries on Instagram, and launching new integrations with Coinbase and Dapper, I’m sharing my future Little League NFT baseball card, which someone recently found and sent me… @mcomicconnect has the backstory on my baseball card. said Mark Zuckerberg on his Facebook wall.
This strange card will be the subject of a physical and virtual sale since the CEO intends to use it for his first collection of NFTs…
Beyond this atypical sale, Meta intends to deploy features related to NFTs on Instagram in a hundred countries. For the moment, the list of “happy” elected is unknown.
NFTs on Instagram, but in what form?
The project will allow thousands of Instagram users to be able to exhibit and exchange collectibles in the form of NFTs directly on the social network.
To store these virtual property rights in the form of a token, the social network has partnered with the Flow blockchain. This initiative comes as an extension of the first test phase that took place on certain Instagram accounts in the United States.
In the same way as Twitter, Instagram will allow users of the platform to consult information related to NFT directly on the application. Thus, creators will be able to display their property rights on images or videos.
The creators of the platform will also be able to trade and acquire NFTs without going through another platform such as Opensea.
Last June, Meta also announced the launch of NFTs on its Facebook social network. It is now clear that the group wants to develop the uses of web3, despite the drop in value of the NFT market since the beginning of the year.
However, apart from the speculation around this NFT phenomenon, it seems that Meta is particularly interested in the possibilities offered by blockchain technology. By using NFT functionalities on its social networks, the group could significantly develop the platform’s content creator economy. These financial opportunities could attract new users to Instagram and generate a (re)gain of interest.
In addition to the speculative aspect, it is important to specify that this technology would also make it possible to secure the content of the platform and to assert the rights of creators more efficiently on social networks.
By carrying out test phases organized on Instagram and Facebook, the group announces the color for its future metaverse. We imagine that the next step could be the implementation of NFTs in Horizon World, Meta’s metaverse.
What is an NFT?
An NFT is the abbreviation of Non Fungible Token or non-fungible token in French. NFTs are cryptographic tokens issued on a blockchain.
By exploiting this technology at the genesis of cryptocurrencies, NFTs inscribe inviolable properties in this virtual register. As a result, NFTs are true attestations of digital ownership.
Is an NFT necessarily an image?
A distinction must be made between an NFT and the object associated with it. Indeed, the non-fungible token is above all a virtual property certificate and not the digital file as such. An NFT is usually associated with a photo or video, but it can also take the form of text, music or any other digital format.
What is an NFT used for?
NFTs are generally used to assert property rights online. Thus, the owner of a token of a virtual work can collect royalties, ensure respect for the intellectual property of his digital object, etc.
This feature has notably enabled the NFT to shine in art by creating value and rarity in digital images available on the web. Also, beyond art, this technology offers multiple uses in several sectors such as in video games, the traceability of a product, etc.
How is the value of an NFT defined?
These tokens are non-fungible, i.e. they have a unique value unlike cryptos, which are fungible (1 bitcoin = 1 bitcoin).
The price of an NFT is therefore arbitrarily set by the owner of the token. This price is usually in cryptocurrency, most of the time in Ether (ETH).
How to buy and sell NFTs?
NFTs are generally bought or resold on trading platforms such as Opensea or Foundation.
What is an NFT mint?
The “Mint” or strike in French, is the initial sale process of a token. To permanently become part of the blockchain ledger, these new tokens must be mint. By this action, the user comes to complete a transaction with his fees to see his token appear first hand on the blockchain.