Despite the sluggish performance of the crypto market in the last two months, certain segments of the market are gaining traction. One of those performing really well is the NFTs market. The massive growth of NFTs has drawn major companies such as Fox Corporation, Disney, and Marvel.
The latest corporation to take an interest in NFTs is Facebook, through Instagram. According to Alessandro Paluzzi, a mobile developer notorious for tech update leaks, Instagram could implement NFTs on its platform. Paluzzi also stated that Twitter could be working on similar developments.
Paluzzi even went ahead to demonstrate how Instagram would implement NFTs. He said that the platform’s NFT posts will be labelled collectible. Anyone who views such NFTs would be in a position to purchase them directly on the post.
The pronouncements by Paluzzi are in line with some of the moves that Instagram has been making lately. In early June, Instagram’s Adam Mosseri alluded to tools that could help developers and creatives earn through Instagram. Nonetheless, the company has not yet confirmed that it could be implementing NFTs anytime soon.
If it does, it would be a significant boost for the fast ballooning NFT market. Per data from DappRadar, a platform that tracks multi-platform NFT sales, Q1 of 2021 volumes of non-fungible tokens were just a little shy of $2.5 billion. The data shows that there is an outsized number of buyers compared to sellers, with buyers averaging between 10k and 20k a week.
