How Significant Is Instagram’s NFT Launch? What are the things you should look out for?

How Significant Is Instagram’s NFT Launch? What are the things you should look out for?

Earlier this month the head of Instagram, Adam Mosseri, announced that he will start beta testing NFT functions with a small group of users in the US.  Mosseri also confirmed there will be no fees for posting or sharing NFTs on Instagram.  Any NFT digital collectibles shared in Instagram will appear as tagged photos or profiles, and when clicked, you will be able to view creator and artwork details.  Instagram supports the display of NFTs created on the Ethereum and Polygon as well as on Flow and Solana in the future.  It will also support the use of third-party encrypted wallets such as Rainbow, MetaMask and Trust Wallet, with support for more crypto wallets planned in the future.

 

Source: see Tweet from May 9, 2002

Creators and developers participating in the beta can now share the NFTs they make or buy.  Users can share these NFTs in their feeds, stories, or messages.  According to Mosseri, only a few people currently have access to Instagram’s NFT beta test, which is designed to be able to gain important data feedback from the initial test and learn how to best integrate the buying and selling of these digital collectibles. While more NFT-related features will be rolled out in the future I believe that Instagram’s NFT rollout may be part of Instagram’s parent company Meta’s metaverse project, involving a deeper interaction in the future. As Mosseri tweeted a few days after the NFT announcement: “Power is shifting. Over the next 10 years, we are going to see a shift in power away from platforms and towards creators. There’s a lot we all can and should do to lean into that shift.”

 

What is the purpose of Instagram’s move?

I believe that the creator economy is very important for Instagram in the current market. While many creators in social media already have a variety of different ways to make money, many of them are unpredictable and dependent on the platform they use.  Therefore, there is a strong case to believe that Instagram will be able to attract creators to form a community. “I want to acknowledge upfront that NFTs and blockchain technologies are all about distributing trust and distributing power,” Mosseri admitted. “But Instagram is fundamentally a centralized platform, so there’s a tension there. One of the reasons why we’re starting small is we want to make sure that we can learn from the community. We want to make sure that we work out how to embrace those tenets of distributed trust and distributed power, despite the fact that we are, yes, a centralized platform.”

In the metaverse, people will buy, use NFTs for a variety of purposes, and share their experiences. Meta decided to start with NFTs because NFTs are an important link in the metaverse economy. I believe that since Facebook changed its name to Meta, they have been exploring a wider range of web3 technologies, and aim that through using these technologies, creation costs will be reduced, and the experience would be better. Meta CEO Mark Zuckerberg confirmed that similar functionality will soon be available on Facebook and possibly other Meta apps in the future.  Zuckerberg added that Meta will work on augmented reality NFTs, or 3D NFTs.

In my view, Instagram’s foray into NFTs has been planned for quite a while. In 2021, Instagram hosted Creators Week, an invite-only virtual summit that Instagram describes in its invitations as a “private event for NFT creators.”  It’s also worth noting that Instagram’s NFT beta program launched not long after Twitter enabled NFT profile pictures for its premium users.  That said, Instagram and Twitter are not the only big tech companies entering the NFT space. Susan Wojcicki, CEO of YouTube, said it may start using web3 technologies including NFTs in the near future to help YouTube creators monetize their work: “We’re always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube,” she confirmed in a letter published in January.

In the light of the developments, industry experts are all optimistic of Instagram’s moves on NFT. “I think Instagram can help users to understand NFT better. They are also indirectly introducing new users to the cryptocurrency space. Overall, this is a positive move and I hope more companies can do the same.” Jenny Zheng, Business Development lead at Bybit NFT Marketplace commented.

Anndy Lian, thought leader and Chairman at BigONE exchange said: “While Instagram isn’t the first social app to experiment with NFTs, the sheer size of its one billion (monthly active) user base gives it its biggest reach versus its competitors, which means that the addition of web3 technology it could potentially engage a whole new group of users.  And with Meta’s Facebook expected to add similar features in the near future, Meta will have a huge NFT presence in the social media space. I know Instagram can create more sparks in the NFT space. I am so looking forward.”

It is also worth noting that as the value of NFTs has fallen significantly since last year, so the number of users interested in the feature may be lower than expected.  As a striking example of this slowdown, on May 4, the Coinbase NFT marketplace opened, but since then only just over four thousand people have bought an NFT. So it remains to be seen whether Instagram and Facebook can turn things around and rekindle significant user enthusiasm for NFTs.

 

Original Source: https://www.benzinga.com/22/06/27870761/how-significant-is-instagrams-nft-launch-what-are-the-things-you-should-look-out-for

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”. Currently, he is appointed as Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and was previously the Advisory Board Member of Hyundai DAC Technology.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

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Denver News Updates: WADZ TAKES ON TRADITIONAL PAYMENT FIRMS WITH THE BETA LAUNCH OF ITS APPLICATION

Denver News Updates: WADZ TAKES ON TRADITIONAL PAYMENT FIRMS WITH THE BETA LAUNCH OF ITS APPLICATION

Wadz Takes on Traditional Payment Firms with the Beta Launch of its Application

Singapore-based startup, Wadz, is set to take on traditional payment firms, with its anticipated beta launch on November 25, 2019.

Targeting emerging countries such as Indonesia and Vietnam as a start, Wadz offers an alternative payment technology that will be of benefit to both consumers and merchants.

Wadz stands out by a number of key features including utilization of blockchain technology, easy integration to major shopping cart plug-ins, and near-zero processing fees. It also recognizes cryptocurrency payments.

One demographic on which Wadz is focusing is the “unbanked”. An estimated 200 million people in Indonesia and Vietnam have limited access to banking institutions loans, e-commerce, and health care. Wadz hopes to help these people improve their way of life by enabling new payment modalities for these services.

Wadz will then lead an in-depth discussion on the impact of blockchain technology across industries at PSB Academy City Campus, Singapore on November 27, 2019, at 7pm.

Among the distinguished roster of speakers is Anndy Lian, author of the book “Blockchain Revolution 2030” and blockchain advisor for Asian Productivity Organization (APO). His knowledge of blockchain technology has drawn attention from various international media.

Wadz CEO, Anish Jain, who will also speak in the forum, views this event as an excellent jumping-off point as Wadz goes full steam ahead. “Wadz is off to a promising start after attracting over 50,000 merchants in Indonesia and 5,000 in Vietnam,” he says. “Adopting the innovations Wadz offers will help merchants grow their businesses so we are confident that these numbers will further increase as we move along.”

Moderating the forum is Wadz’s Regional VP of Partnerships and passionate blockchain entrepreneur, Aaron Tan.

This forum is open to all. Interested parties can register for free at https://www.eventbrite.sg/e/blockchain-industrial-impact-wadz-beta-launch-tickets-81420696495.

 

Source: http://news.denvernewsupdates.com/story/190754/wadz-takes-on-traditional-payment-firms-with-the-beta-launch-of-its-application.html

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”. Currently, he is appointed as Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and was previously the Advisory Board Member of Hyundai DAC Technology.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

j j j