The mood in the NFT market was already better. Gone are the days of blind shopping because it said NFT. In January, trading volume across all NFT markets was still US$17 billion, US$16 billion less is expected for June, a drop of 93 percent. However, internet giants like Instagram, Twitter and Ebay are getting into the no longer lucrative NFT business.
Meta has been testing NFT on Instagram for a few weeks. The pilot project, in which users can connect their own NFTs to their account, will be expanded, as the parent company has now announced. It will add “several more ways for creators to monetize on our platforms,” according to Meta.
Consequently, the test will be extended to other countries, and also on Facebook. Users should be able to share the tokens “on Facebook and Instagram” in the future after “the feature was introduced to Facebook at a later date with select US creators.” A time was not mentioned.
According to Meta, it should also be possible to use NFT with augmented reality methods for Instagram stories. The integrations are part of the Internet group’s Metaverse strategy.
Buy NFTs through Twitter, with diversions
Since January, NFT avatars can be linked to Twitter Blue, the paid version of the short messaging service. Now, the company has announced a partnership with e-commerce service provider Shopify and announced “a sales channel app for US merchants on the Shopify App Store.” NFT trading will also open.
Because Shopify has the beta version of “Tokengate” thrown out, an interface between the NFT seller and buyer in the Shopify app. The service can be used to mint NFTs in Ethereum, Polygon, Solana, or Flow and put them up for sale directly. The trial is initially available to select US retailers.
eBay expands NFT business
Ebay is also not missing out on the NFT business. The online auction house has now announced the acquisition of the KnownOrigin NFT marketplace. “KnownOrigin’s technology and platform offer artists the opportunity to create unique and authentic digital collectibles in the form of NFTs,” according to Ebay.
The acquisition is “an important step in Ebay’s technology-driven realignment and ushers in a new era of digital collecting in the world’s leading collectibles destination,” the company added. Already in May 2021 Ebay introduced the trading of NFTs.
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