Coming to a feed near you: NFTs are now scheduled to enter social media platforms!
Ever since its emergence dating back as early as 1997, social media has completely revolutionised the way that we communicate, interact and engage with each other. Social networking platforms such as Instagram, Snapchat, Facebook, Twitter, and TikTok are responsible for providing people with opportunities to create businesses, portray their best works, and freely express themselves online. But the fun of social media does not end there.
NFTs future on social media:
Imagine a world where non-fungible tokens (NFTs) existed within social media platforms. Well, you do not do it any longer. On May 9, 2022, Instagram announced that they will be testing NFTs for the first time. This announcement came from Instagram’s CEO Adam Moressi, stating that the NFTs tests will begin as early as next week. Ever since, Mark Zuckerberg, CEO of Facebook, has also stated that Facebook will follow suit with NFT testing as well.
Prominent social media platforms such as these will benefit significantly from having NFTs, as this would entice artists to want to use their platform because it provides another outlet where they can distribute their best works without restrictions. Not only that, but Instagram wants to introduce ‘digital collectables’, which are unique editions of virtual items.
The plan is to allow users to share these collectables, where participants would be able to display public information, regarding what they have posted. For example, the post could convey the description of the NFT, providing consumers with more context. The NFT idea for Instagram stems back to the summer of last year when they commenced with examples that showcase and facilitates NFTs – an aspect that could lead to the expansion of the digital market.
The NFT Marketplace
The NFT Marketplace is one that is consistently and rapidly growing as blockchain technology is advancing. Particularly within the past few years, non-fungible tokens have virtually struck the Metaverse out of nowhere. It has transitioned from being an element that was almost in complete obscurity, to a fundamental contributor to the growth of cryptocurrencies.
Crypto experts and financial market analysts have predicted that the NFT market will have a thriving future. According to research obtained by coinmarket.com, the NFT market is estimated to increase by 35% into a $13.6 billion industry by 2027.
Key factors to pushing the market forward currently include the development of the gaming community, notable influencers publicly expressing their opinions, and the strong demand for digital goods and services. Additionally, blockchain technology could help the growth of NFTs, through their initiatives and customisation opportunities.
NFTs in Mushe Token (XMU)
The Mushe Token (XMU) is a decentralized financial network, that is in its first phase and currently allowing users to register for their presale.
It has the intention of migrating to Stellar’s open networks, allowing users to have low transaction costs and inclusion. In their litepaper, Mushe states how they plan to join “the fastest-growing ecosystem for NFTs and play to earn gaming”.
If the Mushe Token (XMU) follows suit with its claim, incorporating NFTs and P2E in games they’re involved in, could allow users to passively exchange and gain financially – giving people a firm incentive to get involved with this cryptocurrency. The blockchain’s official launch is set to be on Independence Day (July 4), an intriguing gift not just for Americans, but for everyone to discover.
More information about the Mushe Token (XMU):