Metaplatforms (NYSE:FTC) wants to delve into the metaverse with its platforms, NFTs are one way to take that step. Around this supposed advertising market is also the basis of these excesses: cryptocurrencies, which allow these non-fungible tokens to be minted.
The management of Meta Platforms or, more specifically, Mark Zuckerberg, have revealed that the American technology group wants to penetrate the growing NFT market. Without a doubt, this is also a long-term opportunity to Ethereal. Let’s take a look at these twists.
Metaplatforms and the adaptation of NFT
Mark Zuckerberg looked at his own strategy maps at a festival in Texas and revealed that NFTs will be used on Instagram. The group has been said to have such ambitions for some time. Senior management also revealed that they are looking into adapting these non-fungible tokens. But that is the most concrete statement so far.
Zuckerberg went on to say that he still couldn’t say exactly what it was. But Meta Platforms apparently plans to showcase such NFTs on Instagram. Hopefully, Mein will also be able to mint such assets through the platform in the future.
Of course, with that, Meta Platforms goes very directly into the metaverse, where such digital assets can play a bigger role. The vision, the experience of social networks, is thus expanded to include a new range of possible digital status symbols. For shares of the US group, this should initially be a side note, but it does show that the crypto market is obviously relevant to these future plans.
And what does this mean for Ethereum…?
For me, the most exciting question is what these future plans by Meta Platforms around NFT could mean for Ethereum. As is well known, this cryptocurrency is a potential building block for creating and minting these non-fungible tokens. The simple answer: this could create another concrete benefit, and that on a world-renowned platform. If NFTs make waves on Instagram, they can stimulate the market as a whole. Both non-fungible tokens and base currencies.
In general, utility is the most important keyword for me when it comes to cryptocurrencies. New Meta Platforms plans may see Ethereum show another utility. At least if the plans of the American technology group include this cryptocurrency. All in all, these are exciting plans. In any case, the metaverse can significantly increase the functionality of some practically usable cryptocurrencies, which we can also deduce from this headline, at least indirectly, but on a global level.
Meta Article Plans NFT Adaptation: New Opportunities for Ethereum?! first appeared in The Motley Fool Germany.
Vincent owns shares of Meta Platforms. Randi Zuckerberg, former director of market development and spokesperson for Facebook and sister of Meta Platforms CEO Mark Zuckerberg, is a member of the board of directors of The Motley Fool. The Motley Fool owns shares and recommends Meta Platforms and Ethereum.
Motley Fool Germany 2022