The biggest news in non-fungible tokens (NFTs) this week is that Instagram is rolling out a pilot allowing NFT owners to display — and hopefully help them sell — their digital collectibles.
While they have many potential uses, from distributing music to tokenizing bond offerings, NFTs have primarily been a means of owning digital art and collectibles — especially avatars in high profile collections like CryptoPunks and Bored Ape Yacht Club (BAYC), which can sell for six and seven figures.
See also: PYMNTS NFT Series: From Famous Artists to Forgers, the Art World is Embracing NFTs
The tools announced by Meta on May 10 will be mainly aimed at displaying NFTs and showing their ownership, as they will be linked from digital wallets and will be displayed with a “flicker” function to show that they are really NFTs, not just screenshots of someone else’s Bored Ape.
Read more: Instagram is testing NFT sharing with some creators and collectors
That said, Instagram has made it clear that helping creators and collectors buy and sell their tokens is a key goal of the program.
“Creators are using new technologies like NFTs to better control their work, their relationship with their fans, and how they can monetize,” the company said in its statement. “At Meta, we’re looking at what creators are already doing through our technologies to improve the experience, help them create more monetization opportunities, and bring NFTs to a wider audience.”
Twitter has led the way so far, becoming the first major social platform to embrace digital tokens by setting a special frame indicating that the image is linked to an NFT. However, Instagram goes beyond that, automatically tagging the creator of the NFT as well as its owner – another monetization-friendly feature.
“With the incredible opportunity of blockchain technology,” Meta said, “[creators] can now take advantage of new tools to earn income, and fans can support their favorite creators by purchasing digital collectibles – art, images and videos, music, or trading cards – as non-fungible tokens.
Although no Meta NFT marketplace was mentioned, it’s a safe bet that Meta will have its piece of the pie, in line with its announcement last month that its Horizon Worlds metaverse project would include payment tools to allow individuals and businesses to settle.
Related: Meta is opening its Metaverse platform to payments, and it’s not cheap
Of course, the fine print revealed that Meta would keep just under half of the proceeds from the sale of virtual goods and services, which caused an uproar – especially given the company’s harsh criticism of the $25 fee. % charged by Apple on its application. Store.
See also: The “next chapter” in art history? Digital-only artwork sells for nearly $70 million
Pursued in the Metaverse
On the NFT trade front, one of the big moments of crypto craze came last year when artist Mason Rothschild sold an NFT Birkin bag for more than the famous handbag.
Read more: Hermes Brand Lawsuit Against Artist MetaBirkins NFT Moves Forward
The creator of the iconic real-life Birkin, French fashion house Hermès, was not amused, calling Rothschild’s NFT “MetaBirkin” line part of a “get-rich-quick” scheme backed by a claim of Fair Use of the First Amendment.
Rothschild said he was commenting on the “inherent cruelty in Hermès’ manufacturing of its ultra-expensive leather handbags” and asked a federal judge in New York to dismiss the case, which some say could set a precedent for NFTs and the Metaverse.
He will have this chance, because the judge has decided that the trial can go ahead.
Bored Monkey Bloodbath
The price of the best NFT collectible avatars is suffering just as much as bitcoin, Decrypt said on March 9. His report noted that “floor” sale prices for what he called an “entry-level” BAYC NFT fell by more than 55% in 10 days, and many other high-profile projects like CryptoPunks and Moonbirds are down at least 20%.
Notably, the Otherside NFT project launched by BAYC creator Yuga Labs – which clogged Ethereum and set insanely high NFT transaction fees that allowed owners to purchase virtual Earth NFTs under the upcoming project. to be announced, not even vaporware – have officially dropped below their sale price, CoinTelegraph reported.
Related: Virtual Land Grab Raises $320M in Crypto for Bored Ape Metaverse Developers
That said, as we noted last week, reports of the collapse of the broader NFT market are somewhat exaggerated.
Madonna Takes Beeple NSFW
Madonna announced an NFT collaboration with Mike “Beeple” Winkelmann, the digital artist whose NFT collage “Everydays: The First 5,000 Days” sold for $69 million, helping launch crypto tokens into the mainstream.
Called “Mother of Creation,” the first NFT features a virtual version of the famous and controversial singer giving birth. This is where we apply a not suitable for work (NSFW) warning, because even if Beeple’s Link is safe, be careful when you click the video from there.
See also: NFT Weekly: NFT Bubble Burst Declared Again, But Investments Still Coming In