Given the current volatility in the crypto markets, which are intrinsically linked to the current NFT trend, it seems odd that Meta is putting more pressure on NFTs and its various NFT projects in its apps.
But it does, with Meta CEO Mark Zuckerberg announcing upcoming digital payment options, and Meta showcasing new NFT features, as well as a new guide to how NFTs work to help people to enter the market.
First, on payments – as part of a broader confirmation of the renaming of ‘Facebook Pay’ to ‘Meta Pay’, Zuckerberg also announced that Meta was working on a new ‘Wallet for the Metaverse’ which will provide a more integrated way to securely manage your digital identity and purchases.
As Zuckerberg explains:
“In the future, there will be all kinds of digital items you might want to create or buy – digital apparel, art, videos, music, experiences, virtual events, and more. Proof of ownership will be important, especially if you want to take some of these items with you to different departments. Ideally, you should be able to log into any metaverse experience and everything you purchased should be there. There’s a long way to go to get there, but this kind of interoperability will provide much better experiences for people and greater opportunities for creators.
This is Meta’s grand long-term vision that users will be able to hold ownership of digital objects beyond a singular application or space. So if you buy an outfit for your character in Fortnite, you can wear that same outfit. on your Facebook avatar during a business meeting, theoretically.
Much more needs to be done to make this a reality, as Zuckerberg notes, but Meta also recently signed up for a new “Metaverse Standards Forum” to establish interoperability standards for the metaverse space, while this new wallet would also seek to connect to other apps and tools, beyond Meta’s apps, to facilitate such a connection.
It will take time and many agreements to enable this. But it’s another indicator of where Meta is headed and the opportunities of the next digital connection space.
This is also where NFTs, theoretically, come in, and after launching an initial test of NFT display options on Instagram last month, Meta is now looking to expand this to more creators “in a handful of additional countries” as it seeks to establish another way to facilitate digital connection.
“Creators and collectors will be able to share their digital collectibles on Facebook and Instagram after we begin rolling out the feature to Facebook with select US creators at a later date. We will also soon begin testing NFTs in Instagram Stories with SparkAR.
Instagram NFTs are already visible in AR, and the integration into Stories will provide another advanced way to showcase digital artwork in the app, which could help spark more interest in the broader NFT trend.
Although, as noted, this interest is declining, with search traffic for NFTs decreasing over time.
And as more and more collectors get burned by rug draws and the ongoing crypto market crash, it looks like NFT fad will dwindle significantly – but the broader view, as Meta notes, is that digital items will get more attention as we move on to the next scene, perhaps not as profile pictures of bored monkeys, as such, but as variable digital objects, which could be exchanged and displayed by the same means as current NFTs.
Who has merit. Personally, I don’t think anyone will be impressed by your crappy JPEGs of poorly drawn characters in the future, but I see the ability to purchase digital items and retain ownership of them in all spaces will be of value significant at some point.
That’s why it’s worth learning more about NFTs and understanding the underlying processes, which Meta also seeks to facilitate with its new NFT overview.
It’s a basic explainer of the fundamentals of NFTs – which in some ways got a bad rep because of all the NFT brethren and the misguided attention to fraudulent “art” projects in this early phase.
And then, again, there’s the market crash, which makes for a weird push – but maybe it’s a good time to learn, before NFTs become something completely different. different in metaverse space.
Logically, Meta’s new NFT announcements were originally supposed to coincide with the large-scale NFT NYC event taking place this week, which saw large groups of middle-aged men making their way through the streets of the city and take Instagram videos of digital artwork pasted through buildings.
Despite many proclamations, this is not the future of digital connection, but the underlying process of NFT trading may well be a key aspect, which is why these new Meta announcements are important even in the cycle current bearish of the crypto space.
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