Social networks want to enter the NFT trend; what is their plan? | Technology/Gadgets

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The Meta group is reportedly working on a marketplace to buy and sell NFTs. ― AFP photo

SAN FRANCISCO, January 27 ― NFTs are everywhere! Including social media! Twitter, Facebook, Instagram or even Reddit… The platforms are becoming THE place to be for buying and selling NFTs. The race is on!

It was only a matter of time before the NFT wave hit social media. And Twitter is leading the way. The platform has launched an option that allows users to put an NFT in a profile picture. For now, this is a gadget feature exclusively available to subscribers of the platform’s paid service, Twitter Blue on iOS. This is a first step allowing NFT owners to boast of being in possession of one of these flagship objects, but also and above all to facilitate their sale. Indeed, Twitter indicates that the images will be directly linked to the owners’ accounts on OpenSea, the global NFT sales platform. This is a clever move to discourage unauthorized use of an NFT. As for the owners, they will be able to enjoy their new hexagonal shaped NFT profile picture, link their cryptocurrency wallet and display links to their NFT collections.

“We are now seeing people using NFTs as a form of identity and self-expression, and as a way to join the thriving community and increasingly active conversation on Twitter. This new feature gives Twitter users a seamless and user-friendly way to verify their NFT ownership by allowing them to directly connect their crypto wallets to Twitter and select an NFT from their collection as their new profile picture,” Twitter explained.

By allowing NFTs to be put in a profile picture via Twitter Blue, the social network could well boost the attractiveness of its paid subscriptions, launched in the United States, Canada, New Zealand and Australia last November, but which have since met with great success. In 2021, global NFT sales reached US$25 billion (RM105 billion). Twitter has nevertheless specified that this new option will eventually be available to all users of the social network.

Reddit also plans to jump into the NFT trend. The platform has launched a first test of changing profile photos with an NFT, as discovered by Nima Owji. A novelty that is not surprising considering that cryptocurrency was the most popular topic in 2021 on Reddit.

Meanwhile, the Meta group does not hide its NFT intentions. Whether on Facebook or Instagram, a new feature will allow you to display your NFTs in your profile. And Mark Zuckerberg does not stop there. His goal? Become THE market place to buy and sell NFTs safely. A first test launched in July 2021 with “Collectibles” on Instagram, making it easier to buy and sell NFTs through auctions.

Between the exponential growth of social media trading and the popularity of NFTs, NFT trading on community platforms is already positioning itself as the trend to watch in 2022. ― ETX Studio

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