NFT is a non-fungible token, and non-fungible means that this token is unique and can’t be replaced. Bitcoin, for example; Bitcoin is fungible since you can trade your Bitcoin for another Bitcoin.
NFTs are a one-of-a-kind trading tokens that if you trade one for another, you will receive a token different from the one you gave away. NFTs can be anything from a JPG image, music, or digital art.
Instagram has most recently announced its plans to introduce NFTs. Coming soon on the heels of a significant non-fungible token market downturn, the new feature would let users connect digital wallets to their Instagram accounts and share verified NFTs.
Instagram Head, Adam Mosseri, declared that the company’s intention was to “help creators make a living doing what they love”. He understands that there are a variety of avenues for artists, but they appear to be “unpredictable and changing rapidly”.
“We think one really interesting opportunity for a subset of creators is NFTs – the idea of owning a unique digital item”, he cited.
Twitter has already introduced Bitcoin to their platform so users can connect their crypto wallet to their account.
The popularity around NFTs is so significant because, like everything we buy and collect, NFTs hold the same purpose. Collecting and buying is fun, and it can be a sign of wealth or a sign of you supporting someone or a brand, for example. And just like art, the value of NFTs can increase or decrease over time, and you can trade your NFT for a lot of money.
Date: June 20, 2022