by META (NASDAQ: $META) today announced the beginning of a new feature where users can buy and sell digital collectibles known as NFTs.
This feature is limited to select US users and allows connecting to a digital wallet like Metamask. In a statement by Meta,
There will be no fees associated with posting or sharing a digital collectible on Instagram.
Meta
Users will have the option to create and sell directly on the platform with the use of a fully packaged toolkit developed by Meta in collaboration with the Polygon blockchain ($MATIC)
Meta Earnings
This move comes after Meta earnings, which reported spending more than $9.4 billion in the first nine months alone according to Financial Times.
American television personality, Jim Cramer the host of Mad Money in disbelief after Meta’s earnings were announced, even to the point where tears appear to fill his eyes in this Youtube video.
Reddit Collectible Avatars
Meta’s move in introducing Collectible Avatars comes after Reddit took the NFT market by storm by releasing its generation 2 Collectible Avatars on October 20th.
Reddit had tremendous success to the point where it surpass the most popular NFT marketplace, OpenSea in the number of NFT wallets.
Ranging from $4.99 to $99.99 and reselling for upwards of $20,000, Reddit’s Collectible Avatars were a massive success.
Could this move by Meta be an attempt to capitalize on some of the success Reddit has? Or could this be Mark Zuckerbergs’ attempt at doubling down on the Web3/Crypto ecosystem?
The Metaverse
When people talk about the Metaverse, you get a lot of hot phrases going around. But what exactly is it? At the core, the Metaverse is an AR/VR-based experience connected to a Blockchain.
The Metaverse market is projected to reach $1.2 trillion by the year 2030 according to Allied Market Research.
Growth of the Crypto ecosystem through likes of Instagram and Reddit Collectible Avatars adds fuel to the fire.
This move by Meta solidifies itself as a player in this space, with Web3 adoption slowly happening Meta positions itself to be a company that will be here for years to come.
