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Social networks want to get in on the NFT trend; what’s their plan?

The Meta Group is reportedly working on a marketplace for buying and selling NFTs. ― AFP pic

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SAN FRANCISCO, Jan 27 ― NFTs are everywhere! Including social networks! Twitter, Facebook, Instagram and even Reddit… Platforms are angling to become THE place to be for buying and selling NFTs. The race is on!

It was just a matter of time before the NFT wave hit social networks. And Twitter is leading the way. The platform has launched an option that allows users to put an NFT in a profile picture. For the moment, it’s a gimmicky feature exclusively available for subscribers of the platform’s paid service, Twitter Blue on iOS. It’s a first step allowing NFT owners to boast about being in possession of one of these hot-ticket items, but also, and more importantly, to facilitate their sale. Indeed, Twitter indicates that the images will be linked directly to owners’ accounts on OpenSea, the global platform for NFT sales. It’s a clever move to discourage unauthorized use of an NFT. As for the owners, they will be able to enjoy their new NFT profile picture in a hexagonal shape, link their cryptocurrency wallet and display links to their NFT collections.

“We’re now seeing people use 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 provides a seamless, user-friendly way for people on Twitter 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 outlined.

 

By allowing NFTs to be put in profile pictures via Twitter Blue, the social network could well revive the appeal of its paid subscriptions, launched in the United States, Canada, New Zealand and Australia last November, but which has since met with great success. In 2021, global sales of NFTs 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 is also planning on getting into the NFT trend. The platform has launched a first test for changing profile pictures with an NFT, as discovered by Nima Owji. A new feature that is not all that surprising considering that cryptocurrency was the most popular topic in 2021 on Reddit.

 

Meanwhile the Meta group isn’t hiding its NFT intentions. Whether on Facebook or Instagram, a new feature will allow you to display your NFTs in your profile. And Mark Zuckerberg isn’t stopping there. His goal? To become THE marketplace for buying and selling NFTs in complete security. A first test launched in July 2021 with “Collectibles” on Instagram, facilitating the buying and selling of NFTs through auctions.

Between the exponential growth of trading on social networks 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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