Meta says FB and IG users can post NFTs: Nifty Newsletter, 24-30 August
In this week’s newsletter, you can read about Meta’s latest update on the integration of non-fungible tokens (NFT) on Facebook and Instagram. Check out how NFT trading volume on OpenSea has dropped by 99% and how despite the downturn, digital artists still have great faith in the future of NFTs.
In other news, learn about the changes to participation in GameFi. And don’t forget this week’s Nifty News roundup featuring Taco Bell’s Metaverse Wedding Contest in partnership with Decentraland.
Meta announces that Facebook and Instagram users can post NFTs from digital wallets
Social media giant Meta has introduced NFTs on Facebook and Instagram. In an update, Meta highlighted that users can now post NFTs on both social platforms by connecting to their digital wallets from either app.
While the new update shows progress, the digital wallet connectivity looks limited to apps and doesn’t include third-party browsers. Despite this, the integration of NFTs into smartphones with Meta apps could trigger the wider use of digital collectibles.
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Looking Naked: OpenSea Turns into NFT Ghost Town After Volume Plunges 99% in 90 Days
NFT trading volume of OpenSea, the largest NFT trading platform, has seen a nearly 99% decline from a record high of $405 million on May 1 to $5 million in NFT transactions on August 28, according to NFT data tracker DappRadar.
The lower volume and decline in the number of users suggests that general interest in NFTs has begun to decline. Apart from these, the floor prices of prominent gatherings such as Bored Ape Yacht Club (BAYC) have also plummeted. Because of these things, some believe that the NFT bubble may burst.
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NFTs are a “natural place” for digital artists – Gal Yosef
Despite the drop in prices for most NFT collections amid the bear market, self-taught NFT artist Gal Yosef believes NFTs will continue to grow in the future because it’s a natural fit for digital artists.
In a Cointelegraph interview, Yosef explained that NFTs provide “massive exposure” to artists. In addition, the 3D artist said that aside from NFTs, he believes that the Metaverse could be the next big thing, while hinting that he may dive into that space next.
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GameFi investors now prioritize the ‘fun factor’ over money: Survey
While most of the GameFi community joined the space in search of profit, the crypto winter has forced them to focus on other things, such as entertainment. According to a survey conducted by blockchain game tracking site Chainplay, 89% of investors are currently at a loss, and 62% of them have lost more than 50%.
The decline in profitability has also had an effect on participation. The survey results showed that by 2022, investors spent only 2.5 hours per day in GameFi. The figures are down 44% compared to 2021 when participants spent up to 4.4 hours per day.
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Nifty News: Taco Bell Wants You in the Metaverse, Animoca Japan Raises $45M and More
Fast food restaurant chain Taco Bell partnered with metaverse project Decentraland to offer US-based couples a chance to bond in the Metaverse. Engaged couples are eligible to enter a contest that runs from August 25th to September 6th. The winner will receive Taco Bell’s metaverse wedding package that includes streaming of the event and a marriage certificate NFT.
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Thank you for reading this summary of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and insights into this area of active development.
