Social media networks are jumping on the NFT (non-fungible tokens) bandwagon. It all started when the ‘Twitter Blue’ account users were offered to put NFTs as profile pictures. Later, Meta has rolled out 3D Avatars for Facebook, Messenger, and Instagram and allowed users in the US, Canada, and Mexico to beam their virtual selves across apps via stickers, profile pictures, and feed posts. Meanwhile, YouTube has been distributing personalised NFTs to the influencers on the platform. Additionally, Reddit has launched a first test for changing profile pictures with an NFT.

NFT market

According to Emergen Research, the global Non-Fungible Token (NFT) market size reached USD 340 million in 2020 and is expected to cross USD 3,50,000 million in 2030. Pak’s NFT artwork fetched a whopping USD 91.8 million: The Merge was sold in 266,445 units known as ‘mass’. Earlier, digital artist Mike Winklemann, also known as Beeple, sold his artwork, ‘Everydays – The First 5000 Days’, for USD 69.3 million.

NFTs are currently not created, bought or sold on social media platforms. But, the inherently social nature of the artworks aligns with the social media networks’ DNA. Though social media platforms passively shape the future of NFTs, they want more skin in the game. Experts think tech giants believe NFTs will assume the trajectory of cryptocurrency– a slow start, followed by an explosion.

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