Deutsche Bank: Instagram NFT efforts could lead to acceptance in the mainstream
Deutsche Bank: Instagram NFT efforts could lead to acceptance in the mainstream
- According to Deutsche Bank, NFTS have an estimated total addressable market (TAM) of over $ 1 trillion $
- At the beginning of this month, Mark Zuckerberg, CEO of Meta, said that the company "works" to bring NFTs "in the near future" on Instagram.
of Twitter's step to verify NFTS in user profiles, right down to the mentions of YouTube managers, through the integration of cryptoassets on its platform-companies have made progress in the past year to put the blockchain-based collector's items in the spotlight.
With its upcoming integration,Instagram could not make funny tokens (NFFT) a mainstream, Deutsche Bank said in a research report published on Sunday. Quoted by Coindesk .
Mark Zuckerberg, CEO of the parent company Meta, early this month called "the company" Worked " bring.
According to a report by the Financial Times, which quotes sources with the matter, the technology giant will open an NFT marketplace. According to reports, Instagram and Facebook will develop a function with which users can present NFTs in their profiles.
Instagram could reduce barriers in the up-and-coming area, said the bank, and simplify the purchase and sales process of NFTS. The NFT market is located in "hyper-growth mode" and last year achieved a transaction volume of around $ 25 billion.
In addition, the brand awareness of Instagram will "legitimize NFTS, which could help undermine the company's retention of buying the company's wider audience," said Deutsche Bank.
According to the bank's note, NFTS have an estimated total addressable market (TAM) of over $ 1 trillion. This number of applications such as art, gambling and collector's pieces is led.
Colin Fitzpatrick, founder of the NFT startup Animal Concerts, previously told Blockworks that the chance that the company will get into NFTS would be "very likely", but owners should be careful.
"Responsibility will be on the shoulders of the NFT community to ensure that Meta behaves fairly and does not try to monopolize profits and an allegedly democratic industry," said Fitzpatrick.
The bank's report is followed by Morgan Stanley's announcement to customers from the last month, in which analysts predict that the initial tam of the meta person in China will be about 4 trillion US dollars, since it replaces the mobile Internet with an “immersive experience”.
"We assume that the MetaVersum-Tam will be expansive and will go beyond the current online consumer market, which is mainly dominated by e-commerce and online entertainment editions," says the message.
The shares of Meta Platforms Inc. (FB) fell by 0.69 % to $ 220.28 at the time of publication.
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The contribution Deutsche Bank: Instagram’s NFT EFFORTS COULD LEAD Lead to mainstream adoption is not a financial advice.