Now, more than before, companies use NFT as an avenue to be part of the cryptosphere. This similitude of Meta’s engagement with Meta NFT and their involvement in creating virtual social experiences via the Metaverse.
Meta now seeks to integrate NFT on Facebook and Instagram profiles with this new development. This will be a feature on both platforms wherein users can display their NFTs. As of the moment, prototypes are built for minting collectible tokens.
Sometimes around October last year, Meta—formerly Facebook—announced its rebranding as a nudge to get into the Metaverse space. This pushes the company to look beyond being an ordinary social media company and leverage its technology to create outstanding social experiences. As a result, individuals will have physical and virtual social experiences connected via its portal.
Another effort is the Meta NFT which is a dream for the company. With the creation of Meta NFT, users will have the option to purchase and sell their NFTs by listing them via their Facebook or Instagram profiles. This development indicates Meta’s vision to be one of the leading players in the NFT space.
As part of Meta’s efforts to ensure that its platforms allow total integration of NFTs, Meta is considering the launch of a marketplace where you can buy and sell NFTs. This may be a piece of big news in the NFT space, but changes in the project’s direction are imminent because the projects are still at their infant stages. Likewise, this may change the face of social media due to Meta NFTs.
While pushing to ensure that Meta NFT is a reality, Meta schemed to onboard more experts to help with the project execution. This led to a hiring rush and the influx of former Microsoft employees. However, Microsoft offered different bonus and incentive options to prevent its staff from moving to Meta.
With the continuous adoption of crypto via NFTs, you cannot just turn a blind eye to the money individuals make via NFT. It is becoming challenging to feign ignorance, which may force traditional brands to start thinking about NFTs. An instance is what we see Meta creating with Meta NFT. This will be an additional push for the industrial sector to investigate how they can earn in the NFT market.
In a recent report, OpensSea—the largest NFT marketplace—processed more than $3.5 billion transactions in a month. We have about $170 million traded on the platform each day. Meanwhile, a statistical report has it that total sales of NFT thus far has hit close to $25 billion. This indicates that NFT will receive full maximization, and Meta NFT might be the advent of innovation in the space.
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