Mark Zuckerberg, the CEO of Meta, parent company of Facebook and Instagram, has announced that they are starting to test NFT features on Instagram. The features will include creators being able to display their collectibles on their profile and other things that have yet to be revealed. It has also added that the same features will be coming to Facebook as well.
Facebook and Instagram are two of the largest social networks in the world, and it’s no surprise that they bring NFT features to their platform. They always want to capitalize and kill their competition by dominating every aspect of their competition. In such a competitive market, which is kill or be killed, Facebook and Instagram always want to have the latest features on the most technologically advanced platforms in the market.
In the previous issues we have seen how a company called Royal, wanted to create a music streaming platform and in return would pay creators in dividends for their music. A month later, Spotify announced that it was going to incorporate blockchain technology into its streaming services. Big tech companies want to continue to dominate and they have to kill their competition by incorporating all the same services.
NFTs will come to Instagram and Facebook, however, it will be a long time before we see another social media giant like Instagram or Facebook simply because these two companies have so many economic resources that surpassing them is extremely difficult and almost impossible.