Given the current volatility in the crypto markets, which have been intrinsically connected to the current NFT trend, it seems like an odd time for Meta to be giving NFTs and their various NFT projects a bigger push in their apps.
But that’s what it’s doing, with Meta CEO Mark Zuckerberg announcing upcoming digital payment options, and Meta previewing new NFT features, along with a new guide on how NFTs work to help. people to enter the market.
First of all, about payments: As part of a broader confirmation of the name change from ‘Facebook Pay’ to ‘Meta Pay’, Zuckerberg has also announced that Meta is working on a new ‘wallet for the metaverse’, which will provide a more integrated way to securely manage your digital identity and purchases.
As Zuckerberg explains:
“In the future, there will be all kinds of digital items that you might want to create or buy: digital clothing, art, videos, music, experiences, virtual events, and more. Proof of ownership will be important, especially if you want to take some of these items with you across different services. Ideally, you should be able to log into any metaverse experience and anything you’ve purchased should be there. There’s a long way to go, but this kind of interoperability will deliver much better experiences for people and greater opportunities for creators.”
This is Meta’s big long-term vision, that users will be able to own digital items beyond a single app or space, so if you buy an outfit for your character in Fortnite, you’ll be able to wear that same outfit. on your Facebook avatar at a business meeting, theoretically.
There’s a long way to go to make this a reality, as Zuckerberg points out, but Meta also recently signed up for a new ‘Metaverse Standards Forum’ to establish interoperability standards for the metaverse space, while this new wallet would also seek to connect with other apps and tools, beyond Meta apps, to facilitate such connection.
It will take time and many agreements to allow it. But this is another indicator of where Meta is headed and the opportunities of the next digital connection space.
Which is also where NFTs theoretically come in, and after launching an initial test of NFT display options on Instagram last month, Meta is now looking to expand that to more creators ‘in a handful of additional countries’, as it seeks to establish another medium to facilitate digital connection.
“Creators and collectors will be able to share their digital collectibles on Facebook and Instagram after we begin rolling out the feature on Facebook with select US creators at a later date. Soon we will also start testing NFT on Instagram Stories with SparkAR.”
Instagram NFTs can already be viewed in AR, and the integration into Stories will provide another advanced means of displaying digital artwork in the app, which could help spark more interest in the broader trend of NFTs.
Although, as noted, that interest is waning, and NFT search traffic is declining over time.
And as more collectors get burned by rug pulls and the ongoing crypto market crash, it looks like the NFT craze will wane significantly, but the bigger picture, as Meta points out, is that digital items will see a greater focus on as we move on to the next. scenario, perhaps not as profile pictures of boring apes, as such, but as variable digital objects, which could be exchanged and displayed through the same means as today’s NFTs.
Which has merit. Personally, I don’t think anyone will be impressed by your horrible jpegs of poorly drawn characters in the future, but I do see that the ability to purchase digital items and retain ownership of them in all slots will be of significant value at some point. .
That’s why it’s worth learning about NFT and understanding the underlying processes, which Meta is also looking to make easier with its new NFT overview.
It’s a basic explanation of the basics of NFTs, which are somehow getting a bad rap because of all the NFT brethren and the misplaced focus on fraudulent “art” projects at this early stage.
And then again there is the market crash, which makes this a strange push, but maybe now is the right time to learn, before NFTs become something else entirely within the metaverse space.
Not surprisingly, Meta’s new NFT ads were originally timed to coincide with the large-scale NFT NYC event taking place this week, in which large groups of middle-aged men made their way through the city streets and took videos. of Instagram of digital works of art pasted on buildings
Despite many proclamations, that is not the future of digital connectivity, but the underlying process of NFT trading may well be a key aspect, which is why these new Meta announcements are important, even in the current bear cycle for the crypto space.
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