Is Instagram Turning Into An NFT Marketplace??

Estimated Read Time: 6 min

Hey friends,

Lovely to have you back with us. Today we have some high-caliber stories from Instagram's new NFT announcement to an exciting collaboration between Visa, Crypto.com, and FIFA - let's jump into it!

Instagram Incorporating NFT Marketplace Into Its App

Instagram and Facebook are no strangers to our newsletter as they continue to pioneer NFTs and Web3 for the general population. Meta's next move takes it a step further with Instagram now developing an NFT minting and sale feature inside its app. Meta’s Head of Commerce, Stephane Kasriel, recently announced “A small group of creators will soon be able to create digital collectibles (NFTs) and sell them right on Instagram”. This is significant to the digital collectible world as Instagram's 1 billion active users will now be exposed to NFTs at a new and totally unprecedented scale. At an unspecified launch date, Instagram will use the Polygon blockchain for NFT minting and trading on its app with no fees (Meta will cover gas), although they will be subject to Google or Apple's NFT in-app tax. Posts based on the new feature can be linked to OpenSea so metadata of the posted NFT/collection can natively be viewed and interacted with on the Instagram app, streamlining the process for new users. NFT minting and trading on Instagram will open an opportunity for creators to engage with fans and monetize their creative outlet through a safe and easily accessible platform, marking a unique moment for both the creator economy and Web3. Initially, the new feature will only be rolled out to a select group of creators on the platform, one of which is Dave Krugman who said “When someone owns a digital asset that I created, the value of that asset is tied to my own creative success. Thus, our incentives are aligned at a deep level — we share a common goal, and that creates a healthier connection between the community and the creator”. Polygon Studios CEO Ryan Wyatt best summarizes the importance of this latest announcement, saying "Accessibility is still one of the biggest hurdles to onboarding new users to Web3 and making this process easier, faster, cheaper, and more approachable will have an immense impact".

English Premier League To Sign $34 Million Deal With NFT Platform

If you are unfamiliar with The Premier League, it's England's top tier of football/soccer and is often regarded as the world's largest football league with an eye-watering 3.2 billion worldwide viewers over a season. Sky News has recently reported a $34.5 million a year deal between the Premier League and NFT platform SoRare, with an emphasis to create collectible static images of the league's famous footballers. SoRare is a french NFT platform focusing on sports collectibles and blockchain-based fantasy games where players can buy, sell, and trade NFT sports cards from around the world with points based on the player's real-life performances. The Premier League 2019/20 champions Liverpool already have a deal with SoRare, where the team has various collectible cards that fans can interact and engage with for different utilities and experiences, which has been a huge success in furthering the reach of the club's fandom to over 185 countries.

The multi-year deal is set to be confirmed in a couple of weeks after first discussing the opportunity with the 20 teams within the league. As previously mentioned, the partnership will utilize SoRare's platform for static images where fans can own a famous artwork or sporting highlight of their favorite Premier League players. The NBA had a similar initiative with Dapper Labs last year where they launched NBA Top Shot, since then the digital trading cards based on iconic sports moments have brought in over $974 million. Considering the NBA's successful migration to NFTs, it's no surprise to see football/soccer take a similar interest. If the Premier League's new initiative is even remotely successful (which odds are it will be), then we should expect a copious amount of new people onboarded into Web3 and NFTs, which is another win-win for everyone.

Visa, Crypto.com, and FIFA Combine Forces For New NFT Collection

Let me first set the scene, Visa has over 2.5 billion debit/credit cards in circulation, FIFA expects 5 billion viewers for the 2022 World Cup, and crypto.com forecasts 100 million users by the end of the year, together this stacked trio with unparalleled global reach are teaming up to launch the Visa Masters of Movement NFT collection. This isn't your typical large-volume NFT collection, instead, Visa is auctioning five “1-of-1” digital collectibles that showcase iconic goals from famous players all over the world. Each winning bidder will receive an NFT sent to their crypto.com wallet that contains unique abstract digital artwork. As shown above, this generative art is created from an algorithm replicating the movement of each goal scored by the five soccer stars in the USA, Mexico, Australia, England, and Argentina.

These five Masters of Movement NFTs are not just digital art, they also include a real-life version of the artwork, signed memorabilia from the player the digital asset features, and a FIFA World Cup 2022 on-site fan experience that lets them create an NFT using the same artwork algorithm but for their own shots on goal. All proceeds from the five auctions taking place November 1st - 8th will go to the Street Child United charity, an awesome org that uses the power of sport to uplift and support street children. A five-piece collection is by no means a revolutionary collaboration, but exemplifies the interest that large corporations have in this new technology and the ability for NFTs to create brand-new immersive fan experiences; pairing that with proceeds going to a charitable cause makes this a damn cool NFT story in my eyes.

Big thanks for popping in on this edition. We hope you enjoyed this round-up and we will be back in a couple of days with an exciting breakdown on the future of the Metaverse, but until then have a great couple of days and take care!

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DISCLAIMER: 

None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.