Reddit, Twitter, and Instagram are diving into NFTs but are people actually using them? | Tech Reddy
Welcome to “This Week in the Metaverse,” where Fortune gathers the best news from the world of NFTs, culture, and the metaverse. Email [email protected] and instructions.
The past few weeks have been big for Web3’s introduction to social media.
Reddit created more than 3 million crypto wallets after announcing its second generation of “anything but NFT” avatars on October 20. Elon Musk’s new Twitter account says it’s testing a part to give users. buy NFTs directly via tweetsand Instagram’s Meta said that some users will be allowed to buy and sell NFTs directly through the app, without gas fees until 2024.
Despite the collapse of NFT trading volumes during the Crypto Winter, major social media companies see value in promoting NFTs.
And it’s no wonder why. As of November 2, Reddit has sold over $10 million worth of its collectible avatars.
But will the introduction of NFTs into social media platforms increase sales and increase crypto usage, and will millions of new users on Web2 platforms simply remain silent?
Well, the number of Americans who own NFTs is still small. While 46% of the US population is familiar with the term, only 2% say they have bought one, according to an August survey by the Pew Research Center.
Therefore, showing Instagram more than 1 billion active users per month in technology is more common, according to Chris Cantino, founder of Color Capital, who owns it. tweeted on Wednesday: “95% of Instagram users have never received crypto or known about NFTs in the wild. Now, they are about to see many of their favorite creators create and sell the digital collection for the first time. This is the journey to mass adoption—and things are starting to look good.
Preliminary data from OpenSea about user traffic from Reddit seems to support this thesis. A speaker talked about the very popular NFT market Crazy he has seen a 75% increase in new users on Polygon, the blockchain project of Reddit NFTs, since the horror season went down at the end of October. The spokesperson said that 20% of NFT holders who came from Reddit went on to buy another NFT at OpenSea.
But doubts remain as to whether mass adoption is imminent. One Reddit user and moderator of a subreddit focused on collectible avatars Crazy he hasn’t heard much about people testing other NFTs or other platforms. He also said that diehard fans on Reddit are making good money from marketing and are more invested in the company’s plans for collectible avatars than NFTs in general.
And there are new scams, which have already started popping up for new Reddit NFTs, according to some users.
However, it is possible that Web3 features will appear on top of many other social media platforms, increasing the potential for mass adoption, resulting in a snowball effect of new features across multiple platforms.
As Reddit founder Alexis Ohanian put it a Thursday tweet“Builders need to be built.”
In other words:
When it comes to social inclusion in Web3, Telephone has announced a new marketplace built on its Telegram Open Network (HIS) block used to trade rare stems for the board. Telephone will begin by trading four and five letter stems, according to CoinTelegraph.
On Thursday, Prada launched the sixth in its series of Timecapsule NFT Collection drops, owners will have access to unique experiences at Prada Mode Dubai and Prada Extends Miami. The November issue is reminiscent of 1970’s patchwork designs.
Online game platform Roblox It released a metaverse-style report that combined behavioral data from Roblox with survey data from 1,000 Gen Z active users from 14 to 24 living in the US The biggest food? Gen Z embraces the digital and spendthrift lifestyle. Three out of four survey respondents said they spend money on a digital item, and one in four said they have spent between $20 and $100 on a single virtual item. But when it comes to fashion, nothing just happens. Two-thirds said they were looking for brand names for digital goods, and the majority said they should include digital clothing designs.
On Halloween, Funko a Warner Bros. Global Consumer Product Discovery released a new Digital-horror Pop! collection featuring characters from Warner Bros. and New Line Cinema films, including The Explanation, Isa The Killer. The Funko Digital Pop! The line includes NFTs that match Funko’s unique figures and start at $9.99 for a pack of five.
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