Instagram to enter in Crypto through NFT
Instagram is such a big social media platform owned by Meta (Formerly known as Facebook) and these days Instagram is getting used by millions of users across the world. This social media platform is more for sharing photos and similarly, NFT is also for the artwork. As per the latest news update, Instagram will enter NFT and will support various blockchain networks like Ethereum, Polygon, Solana, etc. Can we say that Meta is trying to have its presence in crypto through NFT and that too by Instagram because it's growing significantly these days?
NFT seem to be quite big in the coming days because it's like every big company wants to enter this want to be part of the growth. Did meta realize that crypto is the future and missing it now will make things difficult for them? Not sure but with this step, it seems that the company doesn't want to miss out anymore and now they want to be part of the revolution. Earlier Facebook also tried to enter crypto but it was a failed project and they are trying to enter in crypto a different way.
The social media powerhouse owned by Meta is planning non-fungible token (NFT) integrations for Ethereum, Polygon, Solana, Flow, etc. Those networks host the vast majority of trading in digital collectibles, with Ethereum and its Bored Apes leading the way by market cap.
It's good that Meta will support various blockchain networks and having this kind of integration will make things easy for users and investors because they would be able to choose the network they want to use. Ethereum is known for its high transaction feed and this is why probably there would be less traffic however Polygon and Solana are good in terms of transaction fees and the cost is minimal.
Not much information is shared about this as of now however it's expected more once this is life then we would have more information and Instagram users are going to have a great NFT experience. We already expect that Twitter will be crypto-friendly as Elon much has bought it and now Instagram is going to be the same so even the web 2 social media is trying to transform with the trend. Probably it's because they have released the potential and it's always a better decision to adopt the change on time rather than missing on it or making a late entry.
There are many celebrities and popular personalities who consider NFT and metaverse a great segment to go for in crypto and we can expect more in the coming months if things follow the same trend. Altogether it all adds more value to crypto and increases the demand for crypto coins. For example, if we use a polygon network to buy NFT then MATIC will be used as a fee and similarly, for the Solana network, SOL will be used so this way the use case increases, and more people will buy the coins to transact on the network.
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