NFTs Are Coming to Instagram: Why Meta Is Bullish on These Cryptos, and You Should Be Too
Back in May 2022, Meta Platforms (NASDAQ: META) said that non-fungible token (NFT) functionality would be coming to its social media sites Facebook and Instagram, letting users post or show off their digital collectibles to followers. But based on a recent announcement, it has added additional features, which will essentially turn Instagram into an NFT marketplace.
Details suggest that creators will be able to list NFTs on their profiles that are available for purchase, similar to other notable NFT marketplaces such as OpenSea or SuperRare. Furthermore, a tipping option will be created that will allow users to send money to their favorite content creators. All of this is made possible by connecting a digital wallet for user profiles to seamlessly receive and send payments via cryptocurrency.
The decision to enable full NFT functionality, rather than just a place to show off digital collectibles as first planned, seems to be a move in the right direction for Meta. While you might be thinking this could translate to good news for Meta's stock, if we drill down a little further, investors will find the real opportunity.
Source Fool.com
