Meta Launches New NFT Profiles On Facebook

Today we touch on Meta, NFT sales hitting a 12 month low, and a new Metaverse Phone!

Author

BuckyGang đź’«
July 04, 2022

Thanks for joining us readers, as always we have a great line up of stories, so lets get started.

Meta Launches New NFT Profiles On Facebook

Facebook is a goliath Web2.0 company with over 2.9 billion monthly users, and in a step towards their re-branding to Meta, they have just released wallet support for Ethereum and Polygon NFTs. Users will be able to connect their Rainbow, Trust Wallet, and Metamask wallets to their Facebook profiles, and use them in special posts, as well as have a new dedicated NFT section in their profile. This comes on the back of Instagram (also Meta) launching support for NFT posts, so it's no surprise this update has come for its big brother. Adam Mosser, Head of Instagram previously said “Now, we think one really interesting opportunity for a subset of creators is NFTs—the idea of owning a unique digital item,” which is a perfect message for the launch of NFTs into the masses, as we try to move past the idea of them just being jpegs.

NFT sales hit 12-month low

It's of course tough times in the current crypto world that we are all facing together, and with a fall in all the major cryptos, according to The Guardian, we have seen NFT sales drop to a 12-month low of $1 billion over June, down from the peak of $12.6 billion in January. Although this is rough during the short term, it is essential to look for the future. A new research study by KBV Research expects the Non-fungible Token market size to reach $97.6 billion in 2028, which is about a 31% annual growth rate each year. As we struggle with volatility now, NFTs are a key asset for the future as we look many years ahead, which is why it's important we invest in projects that we believe will last that long.

Metaverse Phone

The smartphone and VR headset maker has now fused these two ideas together with the launch of the HTC Desire 22 Pro. The “Viverse” phone is set as a “powerful midrange device” that comes preloaded with apps like a built-in NFT and crypto wallet for Ethereum and Polygon assets. Although this is not directly NFT-related, and may just look like a gimmick at the moment, in the future adoption of NFTs where even things like concert tickets will be NFTs, everyday devices will need improved support for managing these NFTs and Web3.0 needs. It's not HTCs first rodeo, back in 2018 it created the Exodus 1 which also had a built-in crypto hardware wallet, even Samsung has included a secure element for storing crypto private keys on its devices for some time now. With the rumours of Apple releasing a AR/VR headset next year, its not so far-fetched to see the first steps in everyday hardware preparing for a more digital world.

Coca-Cola Pride Collection

As we enter July Pride Month, Coca-Cola has partnered with renowned South African fashion designer Rich Minsi to create artwork for the Coca-Cola pride NFT collection. The NFTs are set to have lower transaction fees and a smaller environmental impact due to minting on the Polygon network, with all the proceeds going to help the Pride community through their partner OUT. This is not the first move in the NFT space for Coca-Cola, notably having a collection for World Friendship Day last year, but is just another great example of how NFTs can be used to have a further connected community.

Thanks for tuning in today and we will see you soon with more Morning NFTea!

Connect with us on socials for a more personal experience! 👇

Recent Articles

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.