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Instagram and NFTs Good idea or bad idea?

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@fabian98
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Hello everyone...

Since the great crypto became massively popular, many renowned companies such as Visa, Facebooks, youtube, among others chose to get into this crypto world and adopt many of their products or merge them with existing ones.

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For example, Facebook changed its name to Meta and now its focus is mainly on being the first social network that integrates the metaverse with social networks and being a place where everything is connected on a large scale. But although nothing concrete has been achieved so far, new updates have been launched, like the most recent one, the integration of NFT in instagram.

A few weeks ago it was announced that instagram would be integrating this new feature but as a testing period only to users in North America, but as it has been very successful, it has been taken to large scale and so far this feature is available in over 100 countries. The feature will allow Instagram users to share any NFT they own by connecting their digital wallets to the app.

Of what users could do with this new feature is:

  • Allow users to share NFTs and automatically tag both a creator and collector for attribution.

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  • Share an NFT on the main feed, in stories or in Instagram posts (the collectible takes on a shiny effect and information, such as a description of the NFT, can be added).

  • The feature initially supports Ethereum, Polygon and Flow blockchains, although it will also support Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet.

  • No associated fees for posting or sharing a digital collectible on Instagram.

But while mark and meta may want to make this seem like something extremely novel, this is something that other social networks or other platforms have already done, and is nowhere near the big and powerful metaverse they have been advertising for months.

In fact, due to Meta's promises without a concrete future, Meta's shares more than halved in the last six months. And it seems that this is a trend that will only get worse, as the company's losses have been abysmal. Moreover, other platforms, such as Decentraland, already have a very advanced metaverse model, while meta has lagged far behind.

So even though Instagram is Meta's most popular network with over 2000 active users, simply integrating an NFT sharing function will not save it from decline as it has to do much more for true decentralization.

But what do you think, do you think this will save Meta from its decline as a company?

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