Social media platforms eye the NFT market

by: Dynasty GI2022-01-26
The social media platform Twitter has made another move to be present in the digital markets by allowing users to have NFT profile pictures, powered by the API of major NFT marketplace OpenSea.
The feature, available to Apple users of the platform’s subscription service, Twitter Blue, supports wallets from Coinbase Wallets, MetaMask, Rainbow, Argent, Trust and Ledger Live.
In the explainer provided to its users, Twitter said that the setting up of an NFT profile picture means the account will be associated with ‘current and historical crypto wallet transactions and holdings, including all other NFTs in that wallet’.

The move is another step by Twitter into the crypto world, following last year’s move to enable bitcoin tipping via the Lightning Network.

Meanwhile, Facebook owners Meta may be planning to allow users to create and display NFTs, together with the ability to mint tokens in the future. The claim was made by London’s Financial Times, citing several sources close to the matter. This follows Meta’s recent statements regarding support for NFTs in its metaverse products and that the company is interested in bringing NFTs to a wider audience through its channels.

In its report, the Financial Times claims that both Facebook and Instagram are studying ways to integrate NFTs, whilst Meta is looking at the potential to launch an NFT marketplace.

NFTs – or non-fungible tokens – have become a major source of interest to businesses and investors, with big sums entering the sector. Some specialists believe that the NFT marketplace monthly trading is already past USD 4 billion this month alone.

In the meantime, the NFT marketplace OpenSea has confirmed the purchase of Dharma Labs, a move seen by specialists as an important step for it to improve the USD 13 billion crypto business’ technological strength. Dharma is a start up focused on the decentralised finance sector.

Dharma’s technology is seen as a way for OpenSea to simplify the way users can buy non-fungible tokens such as digital collectibles and art and allow for the use of fiat currency to operate in its marketplace.

OpenSea started the year well, with trade volumes over USD 2.5 billion and, as the NFT market heats up with more entrants, it has also been building a war chest through funding rounds.
"We have entered the new year with NFTs dominating the headlines as investors continue to pour into the sector and big brands seek to establish a role in the market. Some of this may be more about a fear of missing out than actual long-term vision for NFTs but many also see the potential the tokens have to generate new lines of business."
Said Eduardo Carvalho, the founder and CEO of Dynasty Global.


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