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Mark Zuckerberg, the CEO of Meta – formerly known as Facebook – has revealed that Instagram, the company’s video and photo-sharing application, is set to add support for non-fungible tokens (NFTs).
Popular Web3 wallet MetaMask, which is used to store cryptoassets and interact with decentralized applications, has surpassed 30 million monthly active users, according to crypto software firm ConsenSys.
Crypto.com has started rolling out its exchange to waitlisted users in the United States. The platform will initially only be available to select institutional investors, with a wider rollout coming in the near future.
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Top stories in the Crypto Roundup today:
- Instagram is Adding NFTs
- Web3 Wallet MetaMask Surpasses 30 Million Users
- Crypto.com Starts Rolling Out Its U.S. Exchange
- Analyzing The NFT Revolution
- Sponsored: Register for a Rewarding Bybit Experience
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Mark Zuckerberg, the CEO of Meta – formerly known as Facebook – has revealed that Instagram, the company’s video and photo-sharing application, is set to add support for non-fungible tokens (NFTs).
In an appearance at the South by Southwest conference in Austin, Texas, Zuckerberg said that the company is “working on bringing NFTs to Instagram in the near term.” He added:
"I'm not ready to kind of announce exactly what that's going to be today. But over the next several months, the ability to bring some of your NFTs in, hopefully over time be able to mint things within that environment.”
Meta’s CEO also reportedly said he hopes that in the coming months, Instagram users will be able to mint their own NFTs on the platform. The move comes after Instagram’s top executive, Adam Mosseri, said the firm was “actively exploring” NFTs.
NFTs, according to Zuckerberg, could one day play a role in the company’s upcoming metaverse as the clothing avatars can wear in it can “be basically minted as an NFT and you can take it between your different places.”
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Web3 Wallet MetaMask Surpasses 30 Million Users
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Popular Web3 wallet MetaMask, which is used to store cryptoassets and interact with decentralized applications, has surpassed 30 million monthly active users, according to crypto software firm ConsenSys.
The figure shows a 42% rise in the last four months, when MetaMask reported 21 million monthly active users. It comes as the decentralized finance (DeFi) space keeps on growing. In a statement, ConsenSys wrote:
"A global user base relies on MetaMask to mint and collect NFTs, join DAOs, and participate in DeFi protocols. The United States, the Philippines, Brazil, Germany, and Nigeria represent some of MetaMask’s most active markets.”
MetaMask, whose competitors include Coinbase Wallet and MyEtherWallet, is well-known for its use in the decentralized finance space, although the service also offers an institutional version for professional investors and businesses.
The company behind MetaMask, ConsenSys, has recently raised $450 million in a funding round that valued it at $7 billion. The round was led by ParaFi Capital, and saw Microsoft, Japan’s SoftBank, and Singapore’s Temasek join as new investors.
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Crypto.com Starts Rolling Out Its U.S. Exchange
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Crypto.com has started rolling out its exchange to waitlisted users in the United States. The platform will initially only be available to select institutional investors, with a wider rollout coming in the near future.
Crypto.com CEO Kris Marszalek said in an announcement the firm is “excited to be expanding our offering for professional traders to the US.“ The rollout comes after Crypto.com pushed into the U.S. market with a $700 million deal to rename the Staples Centre, and after it acquired two U.S.-based derivatives platforms for $216 million.
The platform was one of the cryptocurrency exchanges that made their Super Bowl debut this year.
Crypto.com’s Super Bowl ad took LeBron James back to 2003. In a teenage James’ bedroom, he has a conversation with his younger self, where he wonders whether he’s ready for the league. An older James says that if he wants to make history he has to “call your own shots,” before ending with the “Fortune Favors the Brave” slogan.
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Non-fungible tokens (NFTs) have taken the crypto industry and world by storm this year. In 2021 alone, NFT marketplace, OpenSea, facilitated 12bn worth of NFT transactions — with many other platforms and marketplaces also seeing significant growth in their volumes.
NFTs allow you to buy, sell, trade and verify ownership of a digital item on the blockchain. The phrase “NFT” beat “cheugy” to be Collins Dictionary’s word of the year, and as per Collins, it is defined as: “a unique digital certificate, registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible.”
An NFT can come in many shapes and sizes, varying from digital art, to songs, real-life artworks, collectibles in a video game and much more. Many outsiders that are new to the world of NFTs criticize them saying: “I just right-clicked saved this for free” or “This is just a JPEG”, but NFTs are far more than this, for they have created a way for artists to monetize digital versions of their content via the creation of ownership.
Usually, NFTs come in the form of an ERC-721 or ERC-1155 token on the Ethereum blockchain (other blockchains have different standards), for this is the chain that popularised the NFT trend.
Other blockchains, such as Solana, Avalanche and Tezos, have also seen a boom in NFT activity.
Read more about NFTs on CryptoCompare’s blog.
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