The growing market of non-fungible-tokens, aka NFTs, is poised to go mainstream with Instagram now looking to join the digital assets marketplace.
Instagram will simplify the process of buying and selling NFTs, which lowers the barriers to entry.
The popular social media platform will use global brand recognition to legitimatise digital assets in a bid to ease buying hesitancy across Instagram?s nearly 1 billion monthly active users.
The launch of an NFT marketplace on Meta-owned Instagram could gain traction, with Deutsche Bank estimating it could drive up to 8 billion dollars in net annual revenue.
The bank said that the total addressable market for NFTs could be worth more than 1 trillion dollars, predominantly led by categories such as art, collectibles, and gambling.