Despite the drastic drop in the value of the Meta stocks from a couple of months ago, it is no secret to anyone that Meta, previously known as Facebook, remains one of the behemoths of the tech and social media industries.
Aware of the fact that its users have been rapidly shifting towards other trendier platforms such as TikTok, the company has made efforts to tread new grounds, by changing its name and focusing on a new metaverse project.
Although the results of Mark Zuckerberg’s metaverse vision remain to be seen, the company is already planning moves to boost their already existing platforms such as Instagram, by bringing them little by little to the realm of Web 3.0.
One of the most interesting new features speculated by users to come to Instagram is the ability to set NFTs as profile pictures in their accounts, with a distinctive frame to identify them as original and owned by the user.
What does this mean for Instagram?
In the current circumstances, there is no wonder why Meta wants to diversify its assets and strategies. Bringing NFTs to the table could be not just a way to get back some of its lost user base and potentially bring new people into the service, but also create an entry point into its future large-scale metaverse project.
Everyone wants to show their best on a platform like Instagram. Whether it’s a cool trip, a new job, or a special life-marking moment, people use platforms like Instagram to share the best parts of their lives.
It’s all about creating an online persona. Throughout history, each culture has had its own symbols of status and, in our modern world, social media is one of our primary ways to reflect status through the things we post and the amount of followers we have.
NFTs are all about status and bragging rights. Anyone can post photos on social media, but ownership of an NFT is verified by the blockchain and thus, impossible to fake. Just as having an original designer accessory or piece of cloth as opposed to an imitation is a symbol of status in the real world, having a real NFT with its distinctive frame as opposed to a common image is the ultimate symbol of status in the net. This is why NFTs and social media platforms like Instagram go hand-in-hand, and why they can represent an incredible business opportunity for a company like Meta.
What does this mean for the blockchain industry?
Slowly but surely, the internet is evolving into its Web 3.0 iteration. Whereas in Web 1.0, the average user had very limited means to create and share, in Web 2.0, content creation became the name of the game, with individual websites serving primarily as platforms for these creations. In Web 3.0, the user is going to have more power than ever, using blockchain to carry their creations across multiple platforms and have true verifiable ownership over them.
Even if Meta doesn’t have the market share it did a few years ago, a platform the size of Instagram taking a step towards blockchain adoption means a great deal.
Having NFTs be an integral part of a large-scale social media will, at the very least, drive the attention of many potential investors, and get Meta’s competitors to consider their implementation. It could mean the beginning of an unstoppable domino effect that marks the breaking point toward true mass blockchain adoption.
Blockchain technologies have the potential to revolutionize the internet taking us into the universe of Web 3.0, where intermediaries become less necessary and the relationship between content creators and consumers becomes closer and more direct. In this universe, incentives for creativity will grow, bringing forth unimaginable possibilities for innovation within the digital sphere.
Many people are already starting to experience these innovations by participating in the NFT markets, where digital assets of many sorts are being traded on a daily basis, with smart contracts that allow for an unprecedented level of flexibility.
You can get a glimpse of the types of innovations that can be experienced through blockchain technologies and Web 3.0 at Expoverse, the largest mass adoption blockchain event of the year.