• With Instagram’s planned support, NFTs may become mainstream, according to Deutsche Bank

  • Introducing non-fungible tokens (NFTs) to Instagram’s vast audience has the potential to accelerate the overall market (become mainstream), according to a research report published on Sunday by Deutsche Bank.

    • Mark Zuckerberg, the CEO of Meta (FB), announced earlier this month that the business was “working on adding NFTs to Instagram in the near term.”
    • Instagram’s strong global brand recognition will “lend itself itself to legitimize NFTs, which could serve to erode buying hesitancy across the company’s broader audience,” the bank said, adding that the platform’s strong global brand recognition will “lend itself itself to legitimize NFTs, which could serve to erode buying hesitancy across the company’s broader audience.”
    • NFTs are digital assets that reflect ownership of virtual or physical goods and can be sold or exchanged on a blockchain.
    • According to the analysis, the establishment of an NFT marketplace on Instagram is extremely likely to acquire popularity. The bank predicts that a wider rollout of an NFT marketplace on Instagram could generate up to $8 billion in net yearly revenue based on normal NFT marketplace fees and cautious assumptions about user penetration and average transaction prices.
    • eBay (EBAY), Twitter (TWTR), and Snap (SNAP) are among the other internet corporations that are taking moves to integrate digital assets, according to the note.
    • According to the paper, the NFT market is currently in “hypergrowth mode,” generating approximately $25 billion in transaction volume last year, up 250 times from the total amount of around $95 million in 2020.
    • According to Deutsche Bank, the total addressable market (TAM) for NFTs is anticipated to be over $1 trillion, with sectors such as art, collectibles, and gambling leading the way.
    What's your reaction?
    Happy0
    Lol0
    Wow0
    Wtf0
    Sad0
    Angry0
    Rip0