Meta says FB and IG users can post NFTs: Nifty Newsletter, Aug 24–30
In this week’s newsletter, read about Meta’s newest update on the integration of nonfungible tokens (NFTs) on Facebook and Instagram. Check out how the NFT trading volume on OpenSea has plummeted by 99% and how despite the downturns, digital artists still firmly believe in the future of NFTs.
In other news, learn about the changes in participation in GameFi. And, don’t forget about this week’s Nifty News roundup featuring Taco Bell’s Metaverse wedding competition in collaboration with Decentraland.
Social media giant Meta has introduced NFTs on Facebook and Instagram. In an update, Meta highlighted that users can now post NFTs on both social platforms by connecting their digital wallets from either of the apps.
While the new update shows progress, the digital wallet connection looks limited to apps and doesn’t include third-party browsers. Despite this, integrating NFTs into smartphones with Meta apps may spark the broader adoption of digital collectibles.
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The NFT trading volume of OpenSea, the largest NFT trading platform, has shown a decrease of almost 99% from its record high of $405 million on May 1 to $5 million in NFT transactions on Aug. 28, according to the NFT data tracker DappRadar.
The lower volume and decline in the number of users suggest that the overall interest in NFTs has started to go down. Apart from these, floor prices of prominent collections like Bored Ape Yacht Club (BAYC) have also plummeted. Because of these things, some believe the NFT bubble may be bursting.
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Despite the downturns in prices for most NFT collections amid the bear market, self-taught NFT artist Gal Yosef believes that NFTs will still grow in the future because it’s a natural fit for digital
Read more on cointelegraph.com
