NFTs have ruled much of the past year and reached new heights. What began as a niche market has evolved to dominate the mainstream. Big companies are increasingly trying to get the early mover advantage. As a result, we have seen major initiatives and partnerships in the NFT space. Twitter took an early step in this direction by allowing select users to use NFTs as profile pictures. Now Meta is trying to take it a notch higher and integrate NFTs within Instagram and Facebook profiles. Meta plans to make NFTs an internal part of their platforms. Very soon, we can expect to see people posting their NFTs on social media handles.
With the growth of NFTs, experts predict a new wave of creator economy. While it would initially focus on music and entertainment, the possibilities are limitless. At the same time, the new creator economy would reap significantly more profit and art will regain its status as an investment instrument. By introducing these features on Facebook and Instagram, Meta is trying to make the most of its first-mover advantage. Facebook and Instagram jointly have an overwhelming hold over the social media market. Their nearest competition is Twitter, which is also getting into the NFT space. The result of these shifts will take time to reflect in our daily lives, but its eventual hold will be absolute. For NFT enthusiasts, this is a great time to be a part of a network that is only going to expand in the future.