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Instagram Integrating NFTs Incentivizes Mainstream Adoption

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

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

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

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

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

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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.

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

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

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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.