Instagram Integrating NFTs Incentivizes Mainstream Adoption

Deutsche Bank on Sunday, cited by Coindesk, the deployment of NFT technology on Instagram

Mark Zuckerberg, the CEO and Founder of Meta, confirmed that the company will bring NFTs into Instagram

Meta-owned Instagram will simplify the process of buying and selling NFTs, further reducing the barriers to accessing this form of digital assets

With its notable brand effect, the note said, Instagram can legitimize NFTs, facilitating a greater level of public adoption

Reddit, another social media giant, is seeking managers and engineers to “build(ing) the largest creator economy on the internet

This is also a sign that the company is potentially trying to develop its own NFT marketplace and a vibrant community based on NFT collections.

The note describes the current NFT market as in a stage of “hyper-growth,”

Adding that the total addressable industry is estimated to exceed $1 trillion

The transaction volume of NFTs reached around $25 billion last year, 250 times more than the volume of approximately $95 million as recorded for 2020.