Facebook is rolling out an NFT feature on its platform to a select group of creators in the US. The move comes after a similar feature launched on Instagram last month. https://www.theblock.co/post/155340...-of-us-creators?utm_source=rss&utm_medium=rss
NFT as a technology is awesome. NFTs as investments got a bit out of hand recently. Consider NFT the technology and not NFT the market bubble. This sort of thing was done for many years before blockchain. They're just making limited quantity digital items for collecting, VR application, etc. The fact that they let you move them across a blockchain is very cool. It doesn't mean there will be a market bubble or even a market for them at all.
As a person who has worked with appraisers on collectibles, I can say with confidence that those purchasing NFTs in a plan to re-sell later on for huge profits are kidding themselves. Even with tangibles, we'd have to tell people every day their stuff they purchased as a collectible 40 years ago is worth not even pennies today (because they were over-bought). Generally, collectibles that re-sell are items that no body was planning to collect, and have become super-rare since then. And lets face it, most NFTs are ugly looking trash these days.
All of Meta*'s NFT efforts are at an early stage, and the company's plans are still subject to change. However, the company's interest in NFT is not surprising, as their popularity skyrocketed last year, leading to the creation of a market of about $40 billion. The industry's dominant trading platform OpenSea, which receives 2.5% of all NFT transactions, earned $300 million this month and is valued at $13 billion. Six months ago, the trading platform was earning $100 million and valued at $1.5 billion. Cryptocurrency exchange Coinbase is launching its own NFT marketplace. Twitter is testing the ability to showcase non-exchangeable tokens, and Reddit introduced its own collection of NFT avatars.
All efforts are in the early stages and are subject to change. But the discussions mark Meta's first attempts to capitalize on the hype-plagued world of NFT, which surged in popularity last year and has become a $40 billion global marketplace. Critics called the free sector a speculative bubble, plagued by fraud and market manipulation. NFT's dominant trading platform OpenSea, which gets a 2.5 percent cut on any sale, raised $300 million this month at a valuation of $13 billion - just six months after raising $100 million at a $1.5 billion valuation. Major U.S. cryptocurrency exchange Coinbase is launching its own marketplace thanks to http://finpr.agency/. Meta-competitor Twitter is testing NFT demo capabilities , and Reddit has launched its own collection of NFT avatars.