Mainstream Ready: NFTs Coming to Facebook and Twitter Accounts Near You
Cash.Tech Newsletter #13: Meta and Twitter ready NFT features to onboard billions of users.
Social media is set to become the newest avenue for non-fungible token (NFT) adoption. The world’s largest social media company, Meta, and close competitor, Twitter, are in the middle of rolling out NFT features for users. Both platforms boast a combined 2.8 billion active users, making this a huge milestone for mainstream NFT adoption.
In this week’s Cash.Tech Newsletter, we review the Meta and Twitter NFT news and how this new channel will increase the adoption of blockchain wallet solutions such as Cash.Tech. Before that, we bring you some exciting development updates.
Cash.Tech development update
Cash.Tech is pleased to disclose that we have added two highly-experienced developers to the core development team in the past week. These key hires will help accelerate the release of the many exciting features we have in the pipeline, prime among which is the Merchant Protocol.
This week, the development team also started the design phase of the Merchant Protocol. We have created designs for upcoming teasers including features such as products page, products page creation, product checkout instruction page, buyer crypto payment selection page, and more.
We look forward to releasing the Merchant Protocol in the coming weeks and actively pursuing the development of other features that promote the utility of the $CATE tokens. The team continues to work hard behind the scenes to deliver according to key project timelines and will always keep the community in the loop with timely updates.
Meta Exploring Rollout of NFTs on Facebook and Instagram
Social media giant Meta is exploring plans to allow users on Facebook and Instagram to create, display, and sell NFTs directly on the platform. The Financial Times reports that Meta is “readying” a feature that will allow users to display their profile picture as NFTs. In addition, the company could soon rollout the prototype feature for users to mint NFTs and even “launch a marketplace for users to buy and sell NFTs.”
Although the plans are reportedly “at an early stage and could still change,” there are already strong indications that Meta’s move into the NFT space is more possible than probable. In December, Instagram chief Adam Mosseri said the platform is “actively exploring NFTs and how [Instagram] can make them more accessible to a wider audience.” Comments from CEO Mark Zuckerberg when the company rebranded as Meta also noted how the Metaverse would enable access to “digital goods and NFTs.”
It is becoming clearer everyday that Meta is seeking to integrate NFTs in what would arguably become a milestone moment for the emerging asset class. The Facebook platform boasts 2.6 billion active monthly users while Instagram has 1.3 billion from diverse regions.
Top 10 countries on Facebook (Source: Statista)
The diversified demographic of Facebook (pictured above) suggests that Meta’s involvement will play a role in expanding NFT adoption to new jurisdictions. Out of the top 10 countries based on Facebook audience size, only four appear in the list of the top 10 countries sorted by NFT ownership (Philippines, Vietnam, Thailand, Malaysia). Internet users in lower NFT ownership countries will likely get their first taste of NFTs if the Meta move turns out to be successful. Another compelling reason that NFTs might be coming to Facebook and Instagram is the fact that Twitter has progressed to the feature’s rollout stage this past week.
Twitter rolls out access to NFT profile pictures
Micro-blogging platform Twitter recently rolled out an option for users to set NFTs as their profile picture. The option is currently accessible to iOS users on the platform’s subscription service, Twitter Blue.
The Twitter NFT profile picture solution utilizes an API from popular NFT marketplace OpenSea to allow users to connect to their crypto wallet. Users can review core information about the displayed NFT, including specific properties, characteristics, creators, networks, and more.
While the current testing phase is only on iOS, the ultimate plan for Twitter is to roll out the NFT display feature to its wider user base that currently includes over 200 million monthly active users. Like Meta, Twitter’s involvement further legitimizes NFTs as an attractive digital asset and will continue to fuel the adoption of crypto wallets.
Cash.Tech serves the ultimate NFT experience
Cash.Tech Wallet delivers the ultimate NFT experience through a user-friendly interface that supports NFT display, storage, and transfers. Users can interact with NFTs on Ethereum, Polygon and Binance Smart Chain and trade their favorite collections on the most popular NFT marketplaces. The ultimate goal for Cash.Tech is to become a leading option for NFT investors and evolve to support the new crop of investors onboarded through the entrance of new players like Meta and Twitter.
Cash.Tech is already live on Testnet and Mainnet for Android and iOS users and will be available on the respective app stores in the coming weeks!
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