Gaining insights from data analytics can help companies make better trading decisions and even outperform their competitors. The vast amounts of data that organizations collect can be very valuable, but it can also be challenging. In this context, it is understood as Data Lake. In this article we tell you everything you need to know about Data Lake, its benefits and what you need. Keep reading!
Your interest: Master in Big Data
What is a data lake?
A data lake or data lake is a centralized storage repository that receives large amounts of data from different sources raw in its original format. They are stored like this until they are needed for analysis applications.
I know stay here data warehouse stores data in hierarchical tables and dimensions, a data lake uses a flat architecture to store data. You can store structured, semi-structured, or unstructured data. This means that it can be kept in a more flexible format for future use. When storing data, a data lake associates it with metadata tags and identifiers to more easily locate it.
Elements of a data lake
In general, it only includes the following elements:
- Data ingestion: they support “connectors” and other services that import data from multiple structured and unstructured sources.
- Storage insurance: it must be able to store to protect a large volume of expanding data. The infrastructure that supports it must scale easily and is priced appropriately because it is usually impossible to predict all sources. It also needs to be protected against system crashes and unauthorized access.
- Governance and conservation: companies must decide what data to import and how to manage it. The data must also be cataloged so that professionals can find it. Without governance, data lakes can deteriorate there and become what are known as “data swamps” or “data swamps”. These are stagnant, disorganized pools of data that languish unused and provide little value to the organization.
- Process and analysis: It should support a wide range of analytics tools because professionals will use the data lake for different types of analytics.
Types of data lakes
There are two ways to implement it:
- Cloud data lakes: It is implemented in hardware and software in the cloud of a test and means to access them through the Internet. Most indicate a pay-as-you-go subscription model. As data grows, we simply buy capacity in the cloud. The provider manages security, reliability, data backup, and performance so that we can focus our efforts on determining what data to include and how to analyze it.
- Local data lake: Install and run software to operate servers and storage in a company’s data center. It takes a capital investment to buy software and hardware licenses, and IT expertise to install and manage it. Each company is responsible for managing security, protecting data and ensuring proper operation. You may have to migrate to the data lake you have a larger system as it grows. However, a local system can provide greater profitability for users located in the heart of the company’s premises.
What are the benefits of a data lake?
Data lakes typically store sets of big data which can include a combination of the same data types mentioned above. These environments are not suitable for the relationship foundations that most data warehouses rely on. Relational systems require a rigid schema for data, which typically limits transaction-structured data mapping.
Data lakes featured multiple schemas and do not require any to be defined in advance. That allows you to manage different types of data in separate formats. As a result, it is a key component in the data architecture of many organizations. Our companies primarily use it as a platform for big data analytics and other data science applications that require big data and unintentional advanced technical analysis, such as data mining, predictive modeling, and machine learning.
They provide a centralized location for data scientists and analysts to find, prepare, and analyze relevant data. Without this, that process would be more complicated. It is also more difficult for organizations to make the most of their data assets to help drive more informed business decisions and strategies.
Master in Big Data
Take advantage of the opportunities of Big Data and become a Data Scientist
I want to inform myself!
How does a data lake work?
Data lakes import information from multiple sources and store it as raw, unstructured data in a flat file system. Data can be imported in batches or in a continuous stream in real time, depending on the stream.
This can include in-house applications for enterprise resource planning plans like ERP, or customer relationship management plans like CRM. Also from email, web pages, social networks, etc.
The data is grouped into categories for developers to separate what is in the data lake. Professionals will be able to apply analytical tools to identify trends and other relevant information. Organizations can also use machine learning tools, which automatically analyze data to look for patterns.
Differences between data lakes and data warehouses
Both data lake and data warehouse are used to store large amounts of data, but they are not exactly the same.
A data lake is a large amount of raw data, the purpose of which is not yet defined. In return, the data warehouse is a repository of structured and filtered data that has only been processed by a specific proposal.
The two types of data storage are often confused, but they are much more different than they seem. In fact, the only real similarity between them is their storage purpose. For example, the data warehouse architecture only includes a relational database running on a conventional server, such as a data lake only deployed in a big data environment.
What did you think of this article about data lake? Already your comments and share!
And if you want to learn how to use the most important techniques and tools to handle large volumes of data and, furthermore, know and apply all the Machine Learning algorithms as well as their use through Neural Networks for their application in real environments, get trained with the Master in Big Data. We will wait for you!
Master in Big Data
Take advantage of the opportunities of Big Data and become a Data Scientist
I want to inform myself!
Meta Shares New Insights About The Next Metaverse Shift And What Exactly Needs To Happen To Facilitate It
What are the true opportunities of the metaverse and more immersive digital environments, and more specifically for marketers, how will it change the way people shop, interact with brands and advertising approaches?
That’s the focus of a new whitepaper from Analysis Group, in partnership with Meta, which seeks to provide a realistic perspective on where things are headed with the changing metaverse, which may or may not become a tangible and valuable reality for another. decade.
But it is, at least according to Meta, on its way, and that will open up new opportunities.
Firstly, the white paper seeks to define what exactly the metaverse is – an important element considering how many companies are reaping profits from their ‘metaverse-ready’ solutions.
Depending on the role:
“One way to think of the metaverse is as a set of interconnected digital spaces, including immersive XR experiences that blend digital and physical words, where people can easily move between different spaces and experiences, as well as interact and collaborate with others. people who are not in the same physical space.”
I mean, that seems pretty straightforward and in line with the broader definition of the metaverse experience, as we’ve been shown in various promotional mockups from Zuck and Co.
But the practicalities of that are also important: how will we get there and, more importantly, how far away is the next stage of connection?
The answer on that front is that it will take time, and Analysis Group is careful to point out that it may never happen:
“Like many other previously ‘hyped’ technological innovations, the metaverse may never come to fruition as currently envisioned.”
But to become the platform of the future, it will need mass adoption, which means broader adoption of VR headsets, the rollout of AR goggles, and other technologies.
“As with the Internet and other technologies, the shape of the metaverse will materialize slowly at first, and only after critical mass adoption is achieved will its full potential begin to take on more concrete form.”
So he’s not here yet, and he won’t be here for some time. So you don’t need to do ‘everything’ in your metaverse strategy, and you shouldn’t feel compelled to jump on the NFT bandwagon at this point.
It will take time, which means it has time, which, as Meta’s Nick Clegg points out, also means regulators have time and space to institute new rules and frameworks for the evolving space.
“As has been the case throughout the development of the Internet, interoperable standards and protocols will be developed by different people and companies over time, often set by institutions such as the US-based National Institute of Standards and Technology or international multi-stakeholder organizations such as the Internet Engineering Task Force or the World Wide Web Consortium.”
In his essay, Clegg builds on the Analysis Group whitepaper with a call for governments to work together to build a regulatory approach to the evolving space.
“A metaverse that is open and interconnected is not only the right thing to do for users, and something that will involve technical and policy work from industry and regulators, but it is also the kind of thing that could come to distinguish the metaverse in parts of the world that still believe in an open internet from the metaverses built in other parts of the world where a closed internet has been built in recent years.”
Clegg notes that it will take a ‘constellation of technologies, platforms, and products’ to work together to build the metaverse space, and that will likely need some level of outside oversight, because while the Meta would love to own the metaverse, it also knows from experience that he does not want to be the one who establishes the rules in the new space.
Acting now, Clegg says, is key to ensuring we are prepared for the next change. Because again, as detailed in the AG report, we are still developing the building blocks of the next phase.
“The way mobile technology combined existing technologies like phones, the Internet, cameras and mp3 players and evolved to change the way we use the Internet is reminiscent of the path the metaverse seems to be on. Combining existing technologies such as phones, the Internet, cameras, and mp3 players into a single mobile device has fundamentally altered the way we connect to the Internet by overcoming geographical limitations. Existing conceptions of the metaverse have a similar flavor of combining existing technologies, such as AR/VR, video conferencing, multiplayer gaming, and digital currency, and turning them into something new.”
It’s important to keep this in mind, because while people are getting on board with new trends like NFTs, looking ahead, the fact is we don’t know what role these types of items will play in the next metaverse shift.
It’s also hard to take anything definitive from AG’s report on potential value, because, as he points out, he’s not in a position to speculate whether the metaverse will succeed, he’s simply mapping its potential based on past technological advances. But with this comparison in mind, if the metaverse were to grow in the same way that mobile technology has developed, it could become a $3.01 trillion industry by 2031.
There’s a lot to consider here, and a lot to get right. For example, the AG report notes that multiple platforms will need to work together for the metaverse to work.
“For example, a user is required to have an individual account to access a social media app like Twitter or TikTok and an individual account to access a gaming console like Xbox or PlayStation. But in the metaverse, a user would be empowered to consume digital goods and services seamlessly. Andrew Chow of Time magazine supports this view, writing: “Instead of having separate Facebook and Twitter accounts where everything you post is owned by those corporations, you will be able to own your digital personality and all of your ideas and belongings. digital wherever you go. .” For example, a person could purchase a piece of clothing or a digital accessory from one platform and still “wear” it when visiting another platform, rather than that digital good being restricted for use within the platform from which the person bought it initially. ”
That would be an amazing breakthrough, and it’s possible, but Meta is essentially asking regulators to put new rules and systems in place now to make it easier for this to exist. Because the platforms themselves will have little motivation to integrate in this way, unless they have to or the financial benefits of doing so are too great to ignore.
Meta appears to be leaning its momentum towards the former, establishing new rules, which govern all partners in the metaverse, to prevent trade conflicts or rule-setting by certain platforms. Meta has been highly critical of Apple’s restrictions on iOS apps, which is a similar issue to the one you point out here: if regulations aren’t built into the metaverse framework right now, it’s going to be harder and harder to enforce the rules. once any system, and its accepted norms, is in place.
So, essentially, the metaverse is still a long way off, and a lot needs to happen for it to be the universal, interoperable, VR alternative that Meta envisions.
In other words, don’t get too far ahead of the metaverse just yet, and don’t waste your money on the latest trends. Evaluate each one as it arrives, considering if it fits your business. But don’t think that anyone trying to sell you in the metaverse is already here and ready to go brand hunting.
You can read Analysis Group’s full white paper here and Nick Clegg’s long Medium essay on changing the metaverse here.
Amid TikTok’s meteoric rise, one thing it’s been criticized for is its trending amplification without creator credit.
This was specifically highlighted in the platform’s trending dance moves, with creators from black communities, in particular, calling on TikTok to do more to acknowledge the origins of these within the app.
Which it is now looking to do, through the launch of new tools to better allow users to credit trend setters, as well as new educational prompts and videos that explain the importance of the same.
As by TikTok:
“With the launch of these credit tools, creators will have the ability to directly tag, mention and credit a video in their description, showcasing the diverse voices on the platform and the strength of our community. Whether it’s participating in the latest trend, adding a punchline to a joke, or creating the next viral sound, creators can easily and directly quote their inspiration.
As you can see in the example above, the new process will make tagging easier in the publishing process.
Once you’ve uploaded your clip, tap the new “video” icon and you’ll be able to add video tags. From here, you’ll be able to select a video you’ve previously liked, favorited, or posted, or a video that uses the same sound as your upload. The video tag will then be added as a mention in the caption, crediting the original creator and ensuring proper attribution from your clips.
“We are also adding more user prompts for credit throughout the posting process, as well as an educational pop-up that encourages and explains the importance of credit. These features are an important step in our ongoing commitment to investing in resources and product experiences that support a culture of credit, which is critical to ensuring TikTok remains a place for creative expression.
Which would be even better if TikTok offered this on its own, but as noted, the platform has been heavily and publicly criticized for its cultural appropriation across various trends, which is why it’s now taking this step.
Anyway, it’s a positive result, but it would be a bit more progressive if TikTok had implemented such tools on its own initiative.
Maybe it will be a better indicator for future applications and help improve relevant consideration.
We’ll wait and see, but at least now we’ll see more TikTok creators get more in-app credit.
Although if people choose not to credit, they’ll have no more excuses, which could leave TikTok with a few more moderation headaches.
There are obvious signs that a company is being poorly managed, such as declining sales and revenues, the loss of important customers, or a falling share price, for example. Nevertheless, There are many warning signs that go unnoticed. Whether they are obvious or not, addressing them directly and forcefully is the best way to dirty a bad management of a negotiation. In this post we put them on the table.
It may interest you: Master of Entrepreneurship
The 9 steps to create successful Startups
The 9 signs of poor management in an SME
Prepared? Toma wrote down the following tips for spotting mismanagement in a business:
1. Problems when delegating
Making someone work is confused with doing their job. As a consequence, while the employer is doing someone else’s work, no one is doing theirs. In other words, a serious problem appears at this moment in the way of thinking about delegation.
2. Ignorance of their functions
Many people really do not know what, ultimately, their own function is. and how their work relates to the rest of the process and the business. Therefore, they cannot make the decisions that they should make (and for which I assure you that they are usually very well trained), a situation that generates slowness and, above all, inaction.
3. Lack of clarity
The level of turnover, production and personal number on the payroll seem to be the measures to assess the growth of the company. It is assumed that the higher the turnover, the higher the profit. It assumes that with increased production, the company grows. It is assumed that if the number of employees increases, the company is more important. But are those assumptions valid? Obviously not. There is usually no clarity to distinguish the difference between “being bigger” and “being better”.
4. It is not questioned if the actions continue to work
Employees spend a great deal of time solving short-term problems. due to the lack of long-range shots. Because nobody knows why and why it is necessary to do things the way they are being done. Everyone knows their tasks and they justify them by saying that “they have always been done that way”, but no one questions whether they are still necessary. Jan Carlzon, in his book The Moment of Truth, says “whoever is not given information cannot be held accountable. But anyone who has the information can’t help but assume it.”
5. Bad managers
Not enough good managers, however in reality, we should ask ourselves if your company is real managers. I have no doubt that the people who support the businessman are of his absolute trust, loyal and committed to him. I do not minimize the fact that the vast majority of them have accompanied him since the company was just a dream. But paying off this debt of gratitude, making them responsible for critical functions for the future, comes at an incredibly high cost to the company, which, again, doesn’t show on their bottom line.
Master of Entrepreneurship
Learn to undertake safe and light to take your company to the next level
I want to inform myself!
6. Firefighting Employees
The will seems to be the way to solve all problems and the favorite motto, “let’s go… let’s go… let’s go”. But, in reality, many times the most advisable thing would be to take some time to rethink and make the corresponding decisions. They all live wheels running from one side to the other like hamsters in their and even end the day exhausted, due to the number of issues in which they ran, with the fantasy that they have really worked hard. Do customers pay their companies for their ability to put out the fires caused by this impulsive way of working or because their products provide value and satisfaction? Again, another subtle difference: working hard is not synonymous with working well.
7. Bad work environment
Usually, those responsible for the sectors (including the employer) are too busy to wait for people. It is both the time demands and the anguish of keeping the wheel turning that, furthermore, long faces and tension are commonplace in driving levels.
8. Poor internal communication
Each management, or department, is a fief. It is not strange to notice, at this time, how little the managers or managers talk to each other. Case if the problem is the other and all their simple victims of the situation.
9. Failure of realism
In short, to detect bad management in a company, it is necessary to think about whether this is true. Many times make a commitment with internal and external clients, plus all the real capacity to fulfill them. It is very motivating to take out a new deal or account of a client. But, is it evaluated whether the company is in a real position to satisfy these needs?
These dots are red lights turned on daily for anyone with the attitude and aptitude to see them. The entrepreneur has a unique opportunity but must bring about the most difficult change in his working life. He must accept that the organizational model that has reached that point is no longer viable and that the first thing he must change is his way of seeing and carrying out his business.
What did you think of this article about the signs to detect a bad management of a company? Already your comments and share!
And if you want to develop and validate your idea and business model, as well as plant a business growth strategy and learn the essential skills and abilities to be successful, get trained with the Master of Entrepreneurship. Become a futuristic and innovative leader capable of anticipating change. We will wait for you!
Master of Entrepreneurship
Learn to undertake safe and light to take your company to the next level
I want to inform myself!
When we implement a new strategy like inbound marketing, we want results and we want them now. But the reality is that following an inbound methodology is a long-term investment in the health of our business.
To get a better idea of what we can expect, we are going to talk about how long it can take to see the results of an inbound marketing strategy and what we can do to speed up this process. Let’s go there!
Does LinkedIn’s recent algorithm update affect your posts?
LinkedIn will be announcing several algorithm changes that include changes to the visibility of posts on the platform.
These changes aim to provide “the most productive and engaging experience possible.”
In order for you to need to assess whether you are affected and to take the necessary actions if you kiss, I have summarized the most important changes: Reduce low-quality content, see fewer polls, show important updates from your network, discover insights from people you want to learn from, and report what you’re not interested in.
Reduce low quality content
LinkedIn wants to reduce the visibility of low-quality content in users’ feed.
Here, the social network Available posts that expressly encourage users to engage with content through a like or reaction, for the sole purpose of increasing reach.
An example might be: “If you prefer to telecommute, click on Like; Plus if you prefer to work in the office, click Bravo”.
Who will pass without abseiling a situation lets go well on Facebook.
If you use the procedure and you don’t know how to use an engagement technique, then you invite the top of your online editor.
Receive fewer surveys
Ah surveyed them!
They have caused so much ink to flow since their situation of quasi-monopoly in the news feed: we only see them.
We can never ask LinkedIn’s algorithm enough for this great visibility…
And the message got through, since almost everyone goes there with their daily or weekly survey.
Rest assured: that will change, LinkedIn tells us.
From now on, there will be “fewer polls from people you don’t know, and more polls from people in your network that you are most likely to engage with”.
While attending to see the impact of this update on the name of polls in the News Feed and the evolution of the reach of the poll, I would keep reminding that the poll retains its usefulness to quickly create engagement in the within his community (return to a specific point, etc.).
In any case, you cannot communicate only with polls. enable to vary the type of your publications.
Shows important updates from your network
Not all network updates are created equal.
For example, you might not be interested in commenting a relationship from a first level of happiness to someone outside of your close network for promotion.
In order to avoid this type of situation, LinkedIn now wants to show you more targeted activities from your network, where you are more likely to join a conversation.
Find out information from people you don’t want to know
LinkedIn now offers more devices to allow you to protect important people, directly from the current file.
For an important person, you have to understand a Thought leader, expert, creator, there’s a profile that talks about topics relevant to your career or current job.
According to LinkedIn, these people are usually outside of your network.
In the example below, you can thus see the display of a subscription module to follow a profile that a published information, following an interaction with the publication.
Report what you are not interested in
Present the LinkedIn algorithm and my personalization of your news feedyou now hold the option “I don’t want to see this”available on the 3 points at the top right of each publication.
From there you are I invited to indicate the reason for your disinterest :
- This author does not interest me.
- This subject does not interest me.
- I’ve seen too many posts on this topic.
- I have seen this post before.
- This post is old.
- It’s something else to choose.
Note: You can find all the updates announced by consulting this article from LinkedIn.
These changes constitute interesting proposals for improving the news feed and the user experience – although late for some.
Regarding the commitment bait, however, I regret that LinkedIn did not go further.
For example, names have used publications offering to retrieve pdf-type content, inviting them to appear in the comments (instead of communicating the link to the form or the PDF). This artificially increases the engagement and reach of these posts.
Be careful, if you use engagement techniques, your publications will be penalized by the LinkedIn algorithm.
If you post the polls often, don’t forget now to vary the type of your content more.
Depending on your situation, you may need to adapt your content strategy on LinkedIn to avoid a significant drop in your reach and engagement.
Your turn now
What do you think of these 5 LinkedIn algorithm changes? Have your say on what affects your content strategy on LinkedIn? Share your thoughts, tips, or questions in the comments below.
If you’re interested in the latest on LinkedIn, follow me on LinkedIn.
To go longer
Need support to develop your business on LinkedIn? Request a free consultation for your LinkedIn strategy or LinkedIn training for businesses or LinkedIn training for professionals.
YouTube, with over 2,000 million monthly active users, is one of the world’s premier video platforms. For this reason, many brands design YouTube video marketing strategies.
Thanks to YouTube, you can present content related to the sector to which the company belongs or to promote products and services. At this stage, and especially when the number of views is high, it is better to join the YouTube Partner Program. In this article, we tell you what it is and what exactly it consists of. (more…)
Are you looking for ways to improve your Instagram marketing strategy? Want to create more engaging posts that humanize your brand?
The Productive and Free team shares their content ideas in this infographic.
Here are some excerpts from their list:
- How do you structure your day
- An overview of upcoming projects
- Your team members
- Friends, family or pets
Check out the infographic to learn more.
A version of this article first appeared on the Red Website Design blog.
Gaming is huge, and gaming’s influence on modern popular culture is even greater, with a host of modern trends and changes aligned with gaming and creators in the space.
Even seemingly unrelated trends have been linked to gaming, and as such, it’s worth paying attention to the emerging discussion around gaming and considering how it might relate to your own marketing efforts.
I mean, anyone under the age of 40 has been playing games their whole life, right? That could present a significant opportunity for your promotional efforts.
Linked to this, TikTok has posted a new overview of how its platform ties into gaming culture and opportunities to promote gaming projects and related initiatives.
According to TikTok:
“The global community of gamers is huge, and judging by the amount of gaming-related content on the platform, many of these gamers can be found on TikTok. In fact, the top 100 gaming-related hashtags on TikTok receive more than 40 billion video views a month, according to internal company data. The TikTok gaming community is also ready to spend. According to a recent survey, 65% of US TikTok users have made an in-app purchase in the last 3-6 months.”
In some ways, it’s surprising that gaming is overlooked as a niche of interest, or as one that primarily appeals to younger consumers, because while it is young people who spend most of their time playing games, general familiarity with space, coupled with gaming nostalgia and connection, can be a powerful lure, in many ways.
In terms of marketing mobile game projects specifically, TikTok advises that game developers take a three-stage approach to their promotional efforts:
- Organic – This is your chance to present yourself authentically and build trust with your audience. Use your organic content to learn how consumers interact with your brand. This is the perfect plan for testing content formats and then scaling what works
- Paid out- Use paid campaigns to amplify your high-performing content. Paid campaigns also give you the opportunity to directly test new audiences or target and optimize for specific business goals.
- won- Generate engagement and discussion within the TikTok community. The more you publish and amplify your best content, the more you maximize the opportunities and potential to gain influence in the community.
I mean, those are pretty basic principles of digital marketing, really, but they’re also important building blocks for any strategy, when testing ideas with organic products, promoting the best ones, and engaging with your audience.
TikTok also notes that its platform works well as a partner channel, combining its promotions across media.
- TikTok complements traditional media – Watching an ad on TV after watching an ad from the creator of TikTok increases the memory encoding of the TV ad by 13%.
- TikTok amplifies social networks – Viewing content from an Instagram influencer is 43% more memorable if you’re already primed for the content through TikTok.
- TikTok Premium Digital Video Audiences: You are 31% less likely to skip a YouTube ad if you first saw a creator’s ad on TikTok
I’m not sure Instagram and YouTube are totally happy to be included in these comparisons, as a move to align with TikTok’s promotions, but the bottom line is that TikTok can be a great platform to reinforce your messages and solidify the connection with your audience. audience.
Finally, TikTok has also provided this 3×3 grid of tips to plan your campaigns and maximize your creative elements.
These apply to all TikTok campaigns, not just games, and it may be worth keeping this overview handy for your future TikTok promotions.
Here are some helpful notes and important data points related to the ever-evolving gaming conversation on TikTok specifically. But in reality, most of these notes relate to all digital marketing campaigns, and these items are worth considering for your TikTok marketing efforts, as you look to build a more effective platform approach.
You can read the full overview of TikTok games here.
Based on at least some recent numbers, the air seems to be blowing out of the initial NFT bubble, which means that if Meta wants to launch at the end of the hype, it needs to launch the NFT storefront features now. .
As such, it’s no surprise to see that Instagram’s in-development NFT display options are now getting an initial release.
As announced by Instagram boss Adam Mosseri, IG launches a first test of its new NFT features with selected designers in the United States. The process will include integrations for Ethereum and Polygon, with additional support for Flow and Solana to come. NFT owners will be able to connect their Rainbow, Trust Wallet and MetaMask accounts to verify NFT ownership.
Users will be able to post their NFTs on the main IG feed, in stories, or in direct messages. Although there will also be a new NFT tab added to participating accounts, with a checkmark in a hexagon to indicate verified NFTs.
You can see in this image that the hex tick indicator will also be included on NFT images posted to your main post feed.
Instagram has been developing the option since June last year, with initial examples showing how IG could not only showcase your NFTs, but also facilitate NFT sales, merging with the broader market for digital goods.
You can see in this example how NFT auctions could potentially be integrated into the process, providing a more comprehensive connection to the wider NFT market.
Meta CEO Mark Zuckerberg also spoke about the potential of NFTs and the expanded role digital goods will play in the upcoming Metaverse shift, with the clothes you dress your digital avatars in potentially minted as NFTs. and linked to your digital identity.
But as noted, NFT trading has been steadily declining since its initial hype period. A recent Wall Street Journal report noted that there has been a 92% drop in NFT sales since September and an 88% drop in active wallets since November.
This reduced demand has also caused the value of some big name NFTs to plummet.
According to WSJ:
“An NFT of Twitter co-founder Jack Dorsey’s first tweet was sold in March 2021 for $2.9 million to Sina Estavi, the chief executive of Malaysia-based blockchain company Bridge Oracle. Earlier this year, Mr. Estavi put the NFT up for auction. He received no offers over $14,000, which he did not accept.
NFT enthusiasts have questioned these data points, suggesting they are hand-picked examples, but the larger trend, based on industry statistics and projects, suggests that NFTs are cooling off, at least in their current form.
Which is probably the most critical point. As Zuckerberg notes, the potential of NFTs extends far beyond the current flood of cartoonish avatar images, with seemingly thousands of “artists” throwing together all sorts of random images in hopes of take advantage of it.
These PFP (profile picture) projects do indeed appear to be losing popularity, but eventually there will be ways to use the back-end process of NFTs to display ownership of a wide range of digital assets.
So while NFTs as we currently know them appear to be on the way out, the process they embody may well become a key foundation for the next stage.
That’s probably why Meta is pushing ahead, even though people seem a bit fed up – and with so many rug pulls and ripoffs, and so many shitty “projects” in the space, it doesn’t is not surprising to see people turn away.
But there is still underlying potential, as many people are already well invested in today’s NFT space.
In addition to today’s launch, Zuckerberg also notes that NFT display options are coming to Facebook soon, along with Augmented Reality NFTs for Instagram Stories.
Will this lead to wider adoption of NFTs, or is it just a way for Meta to hang on to the initial hype phase before they die out?
We’ll find out soon, as NFTs become more widely visible in Meta’s apps.