According to Deutsche Bank, if Instagram adopts NFTs into its platform, the number of such transactions might increase to eight billion each year. The former cryptocurrency sceptic believes Meta’s intention to integrate NFTs into one of its businesses – Instagram – will legitimize the assets.
As per a press release published on Sunday by Deutsche Bank and cited by Coindesk, the use of NFT technology on Instagram has the ability to stimulate the entire market and make it popular.
Meta’s CEO and Founder, Mark Zuckerberg, announced that the corporation will integrate NFTs into Instagram in the next months, allowing users to mint such assets directly on the platform.
Meta-owned Instagram will make it easier to acquire and trade NFTs, lowering the barriers to entry for this type of digital asset as indicated by the founder as well. In addition, the largest banking institution in Germany predicts that Instagram’s strong brand influence can legitimate NFTs, allowing for increased public adoption.
Twitter introduced giving users who have subscribed to Twitter Blue, a paid premium service that includes capabilities not available to regular users, to display their NFTs as verified profile images earlier this year. Along with the increased popularity of NFT initiatives like Bored Apes Yacht Club, this function attracts a lot of attention.
Another social media behemoth, Reddit, is currently looking for managers and engineers to help them in building the internet’s greatest creator economy, powered by independent artists, digital commodities, and NFTs. This can signal an upcoming development of an NFT marketplace for the vibrant community as well.
The current NFT market is described as being in a state of “hyper-growth,” with the whole addressable business projected to be worth more than $1 trillion, according to the note. Also according to the report, the transaction volume of NFTs reached roughly $25 billion last year, which is 250 times higher than the estimated volume of $95 million for 2020.
Photo by Andrey Metelev