The internet emerged in the 1970s, but it wasn’t until the 90s – the Web 1.0 era, that internet became a mainstream resource that started transforming our lives. Today, thanks to the shift to Web 2.0 that birthed a more user-friendly system, we can shop online, work remotely and even play slots online from the comfort of our homes. But that’s just the beginning of the sweeping changes that the internet brought to the world.
We are now on the verge of the Web 3.0 era, which is the most exciting yet as it is an iteration of the world wide web hinged on blockchain technologies. Furthermore, concepts around decentralization and token-based economics are already being embraced, a sign that we have already stepped into a new bright, and beautiful future!
By now, you’ve probably heard of the buzz created by NFTs (Non-Fungible Tokens). Everyone is talking about them these days, and the big guns like Taco Bell, Pizza Hut, Pringles, Visa, and recently Adidas started showing interest in NFTs. Meta, Facebook’s parent, company also recently thrown its hat into the NFT ring and has gone a step further to announce that it plans to let Facebook and Instagram users create and sell NFTs.
What are NFTs?
Given that it’s still a new concept, not everyone understands why the non-fungible tokens have created such a buzz. So, first things first, before we can understand the role NFTs will play in the two leading social media platforms (Facebook and Instagram), let’s have a refresher of what they entail.
A non-fungible token is a non-interchangeable data unit stored on a blockchain ledger. Different types of NFT units of data may be associated with digitally created files such as photos, audio, and video files. Additionally, NFTs are different from blockchain-based cryptocurrencies such as Bitcoin and Ethereum because each token is uniquely distinguishable from another.
Given that NFTs are uniquely identifiable, they are an asset that can be held and sold for real money. As a result, Facebook and Instagram users are in for a real treat if Meta’s plan is brought to fruition.
What does Meta Stand to Gain in NFTs?
Now that we are well acquainted with what NFTs are all about, the next question racking through people’s minds is why would one of the world’s biggest corporations be interested in them? Here are a few answers to help you make sense of it all:
1. Going with the trends
There is nothing that big corporations love like riding the wave to see how it goes. Meta may be doing just that by jumping on the bandwagon so that it enjoys the privilege of being among the first adaptors if the NFT popularity continues.
2. NFTs could be the next big thing
A couple of years back, when Bitcoin was at its inception stage, few would have predicted that it would grow into the big currency it now is. Well, owing to the buzz NFTs have created, it’s quite clear that it is perceived to be the next big thing in blockchain technology. For now, however, it is still too early to tell where things are heading.
3. It is a quest to boost earnings
Meta has been known to make wise choices for future investments, and there’s a ton of evidence if you think about its winning track record. When it was operating under the Facebook company moniker, the brand made a string of valuable acquisitions, including Giphy, Instagram, and WhatsApp.
4. We are entering the age of the Metaverse
The Metaverse has been spoken of with much hope in the tech world. A digital platform that can connect us all initially seemed far-fetched but is one that is slowly morphing into reality. Meta knows this, and that’s perhaps why it’s getting involved with NFTs.
How Exactly Will This Work Out?
Until now, Meta has yet to release more specific details of how things will work out in their new NFTs-based venture. The only information released is that plans are rife for the brand to allow Facebook and Instagram users to create and sell the NFTs. In addition, you will also be allowed to display NFTs on your profile if you are a Facebook and Instagram user.
How far along are Meta’s NFTs Plans?
Plans are still at an early stage, so it is impossible to predict how Meta’s plans will eventually materialize because changes may occur at any stage of the process. As tech enthusiasts, we just have to wait and see what will come of the ambitious venture. What is clear for all to see is that the entry of Meta into the NFTs metaverse will open up a whole load of opportunities for this relatively new concept. Exciting times are coming. Take a seat and enjoy the NFT wave!