NFTs, or non-fungible tokens, have been making waves in the art and collectibles world, and it’s no surprise that Instagram, the visual social media platform, has become a popular place to showcase and sell #nftcommunity . In this blog post, we will explore the future of #NFTs on Instagram, including the potential for growth and challenges that may arise.

What are NFTs?

Before delving into the future of NFTs on Instagram, it’s important to understand what they are. An NFT is a unique digital asset that is stored on a blockchain, which is a decentralized digital ledger. Each NFT is one-of-a-kind and cannot be duplicated or exchanged for something else, hence the term “non-fungible.” NFTs can take the form of anything from digital art to music to virtual real estate.

NFTs on Instagram

Instagram has become a popular platform for NFT creators to showcase and sell their digital assets. Instagram’s emphasis on visual content makes it the perfect place for artists to showcase their digital artwork and generate interest in their NFTs. In addition, Instagram’s large user base provides a massive audience for NFT creators to reach.

One of the biggest advantages of selling NFTs on Instagram is the ease of access. Unlike other NFT marketplaces that require buyers to create an account and navigate a potentially confusing interface, Instagram is a familiar platform that many people are already using. This makes it easier for buyers to purchase NFTs and for creators to reach potential customers.

The Future of NFTs on Instagram

The future of NFTs on Instagram is bright, with the potential for massive growth in the coming years. Instagram’s popularity as a visual platform is only increasing, and more and more artists and creators are turning to NFTs as a way to monetize their digital creations.

One of the most exciting developments in the NFT world is the potential for virtual and augmented reality. As these technologies continue to advance, NFTs could become even more valuable as collectors seek to own unique digital assets that can be experienced in immersive ways. Instagram’s focus on visual content makes it the perfect platform to showcase these types of NFTs.

Challenges

Despite the potential for growth, there are also challenges that Instagram and NFT creators will need to navigate. One of the biggest challenges is ensuring the authenticity and provenance of NFTs. With so many NFTs being created and sold, it can be difficult to verify the authenticity of each one. Additionally, there is the risk of fraud and scams, which could harm both buyers and sellers.

Another challenge is the environmental impact of NFTs. The blockchain technology used to create and store NFTs requires a significant amount of energy, which has led to concerns about the carbon footprint of NFTs. Instagram and NFT creators will need to find ways to minimize the environmental impact of NFTs, whether through the use of renewable energy or other methods.

The future of #Binance #nftcommunity on #Instagram is full of potential, with the platform providing a large audience and ease of access for creators and buyers alike. As virtual and augmented reality continue to develop, NFTs could become even more valuable, offering unique and immersive experiences for collectors. However, challenges such as authenticity and environmental impact will need to be addressed in order for NFTs to continue to thrive on Instagram and beyond.

#pepe The launch of Meta’s new app, Threads, seems to have rattled Twitter for a second as Linda Yaccarino, the media veteran who succeeded Elon Musk as the Chief Executive Officer (CEO) of the blue-bird app recently shilled the app.

Twitter Cannot be Duplicated, Yaccarino Says

The Twitter CEO said everyone’s voice mattered on the social media platform and acknowledged the part which every user played in the development of the app.

“Whether you’re here to watch history unfold, discover REAL-TIME information all over the #world , share your opinions, or learn about others — on Twitter YOU can be real,” she said.

On Twitter, everyone's voice matters.

Whether you’re here to watch history unfold, discover REAL-TIME information all over the world, share your opinions, or learn about others — on Twitter YOU can be real.

YOU built the Twitter community. 🙏👏 And that's irreplaceable. This…

— Linda Yaccarino (lindayacc) July 6, 2023

Additionally, Linda declared that the app has often been imitated but in the end, noted that the “Twitter community can never be duplicated.”

Threads, the text-based app which is now Twitter’s closest rival was launched earlier as reported by Coingape after it was announced earlier by Mark Zuckerberg. It was described as a “separate space for real-time updates and public conversations”.

Threads relies on users’ #Instagram credentials, hence, user’s existing usernames and verification status are passed on to the new app.

Just like Twitter, the new app supports text, pictures and videos for up to 5 minutes. Instead of ‘retweets’ on Twitter, Threads supports ‘reposts’ and quote posts.

Elon Musk Places Numerous Restrictions on Users

Noteworthy, the app is coming in the middle of a chaotic moment for the Elon Musk owned app. There has been some recent policy change on Twitter app including requiring users to log in to read tweets, introducing limits on viewing tweets, and restricting access to other products for unverified users. Particularly, the social media platform restricted TweetDeck to only verified users.

Verified accounts are permitted to read 10,000 posts per day, unverified accounts only 1000 posts, and new unverified accounts are limited to 500 posts.

According to #Twitter Business, all these policy changes are aimed at removing spam and bots from Twitter. #ElonMusk has received several backlash for this change. In the heat of the criticism from users, Yaccarino explained that such big moves were necessary to strengthen and improve the platform.

The coming of Meta’s Threads amidst this unsettled chaos is likely to impact Twitter’s usage. Based on data from certain sources, within 7 hours of the launch, Thread had already boarded over 10 million users.#dyor

Threads, Meta’s newly launched microblogging app, has become a target for scammers wasting no time trying to deceive users.

The platform has already drawn the attention of several influential Crypto Twitter users, who are sounding the alarm about imposter accounts lurking on Threads.

On July 8, decentralized finance platform Wombex Finance shared an image of an imposter Threads account pretending to be associated with their project. Wombex Finance promptly alerted users, cautioning them that scammers could potentially operate the account since their project was not present on the Threads platform.

Attention, #WombexWarriors! 🚨 Please be aware that Wombex Finance DOES NOT have an account on the Threads platform. Any account claiming to be Wombex Finance on that platform is fraudulent and is operated by a scammer! To avoid scams, always refer to our official channels:… pic.twitter.com/uU8fc2lTiB

— Wombex (WombexFinance) July 8, 2023

Similarly, nonfungible token (NFT) influencer Leonidas warned their substantial following of over 93,000 on July 7 about the presence of scammers impersonating “large NFT accounts” on Threads. Leonidas took matters into their own hands and created an account on Threads to combat these impersonators.

I and many other large NFT accounts are being impersonated by scammers on Threads. I just created my official Threads account to help: "leonidasord" Please go follow it and spread the word. The scammer has already gotten 140 replies and nobody seems to know.

— Leonidas (LeonidasNFT) July 7, 2023

Another victim of impersonation was Jeffrey Huang, also known as Machi Big Brother on Twitter. On July 6, he shared his Threads profile, only to be alerted by a user that there was already an imposter Threads account masquerading as his Twitter persona.

Yo pic.twitter.com/nVEg5YKLfc

— Machi Big Brother (machibigbrother) July 6, 2023

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So far, the imposter Threads accounts mentioned have refrained from sharing scams or phishing links, with their content primarily focused on the cryptocurrency space.

Twitter has long been a favored platform for crypto phishing scammers, often hacking the accounts of well-known individuals and businesses to disseminate malicious links. These links typically aim to deceive unsuspecting users into divulging sensitive information, such as their #crypto exchange login credentials and cryptocurrency wallet seed phrases, or coaxing them into connecting their wallets to fraudulent smart contracts designed to drain funds.

Threads gaining momentum amidst Twitter’s rate limit controversy

The launch of #Threads by Meta closely followed Twitter’s recent rate limit debacle, which temporarily imposed restrictions on the number of posts users could view in a day. This incident likely contributed to heightened interest in alternative microblogging platforms.

Threads app, introduced on July 5, has experienced a surge in sign-ups, surpassing 98 million users within days. Despite this promising start, the platform still has a long way to go to catch up to Twitter’s estimated 450 million user base.

Adam Mosseri, the head of Instagram, clarified that Meta does not intend to replace Twitter but instead aims to create a public square for communities on #Instagram that never fully embraced #Twitter . It also seeks to cater to communities on platforms like Elon Musk’s, providing a less contentious space for conversations.

The Threads application currently lacks several key features, such as direct messages, a “following” feed, a complete web version, and a chronological feed.

Read more: Ripple Labs to tokenize the multi-billion dollar real estate industry#GOATMoments

#Facebook and #Instagram have stated that as of April 11, 2023, they would no longer support NFT. In other words, all digital objects on Instagram, including articles with digital items, will stop functioning.

The ability for users to post new digital objects will be removed and any items they have already shared will continue to exist as postings but without sparkles or #blockchain data. These posts may still be deleted by users at any time. If an article contains an item that can only be viewed in the profile's tab for digital objects, the article will be archived.

Additionally, users' profiles on Facebook and Instagram will no longer be connected to or linked to outside e-wallets. Users can no longer change their third-party e-wallet connection settings or access their digital items in the relevant tab.

In particular, consumers won't be able to access or download information about specific items after April 11, 2023. Users have until that date to file a request if they want to download their data. Digital item data, such as wallet addresses, will start to be removed from Facebook and Instagram's servers. In compliance with their terms of use and privacy policy for digital items, they will both retain and remove data.

As users will no longer be able to view or manage their digital things beyond the deadline of April 11, 2023, this is a significant development for users of Instagram. Users who have spent money and time on the platform creating and collecting digital products will need to find new arrangements. Since more social media platforms are embracing #digital collectibles, it is unclear how this would effect the larger #NFT ecosystem.

This news is republished from https://coinaquarium.io/

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