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Instagram integrates NFT to encourage Mainstream adoption: Deutsche Bank

Deutsche Bank, a former crypto critic, believes that Meta’s decision to integrate NFT into one of its companies — Instagram — will legitimize those assets.

Instagram will legalize NFT

According to a report released by Deutsche Bank on Sunday, cited by Coindesk, the implementation of NFT technology on Instagram has the potential to invigorate the entire market and make it popular.

Mark Zuckerberg, CEO and Founder of Meta, has confirmed that the company will be bringing NFT to Instagram in the next few months to allow users to mine those assets directly on the platform.

The note indicates that Meta-owned Instagram will simplify the process of buying and selling NFTs, further reducing barriers to accessing this form of digital asset. The note said that, with its remarkable branding effect, Instagram could legitimize the NFT, facilitating a greater degree of public acceptance.

The German bank also predicts that Instagram’s construction of the NFT Marketplace could bring in around eight billion net transactions per year. Besides Instagram, big internet companies like Twitter and Snap will to some extent also include NFT on their platforms.

Earlier this year, Twitter began allowing users who signed up for Twitter Blue, a premium paid service that includes features not available to regular users, to showcase the NFTs they own as photos verified profile. This feature attracts great attention along with the growing popularity of NFT projects like Bored Apes Yacht Club.

Reddit, another social media giant, is looking for managers and engineers to “build (establish) the largest creator economy on the internet, powered by independent creators. establishment, digital goods and NFTs.” This is also an indication that the company is trying to develop its own NFT marketplace and a vibrant community based on NFT collections.

Super growth for the NFT market

The note describes the NFT market as currently in a “super growth” phase, adding that the total solvable industry is estimated to exceed $1 trillion.

According to the report, the trading volume of NFTs reached around $25 billion last year, 250 times the approximate volume of $95 million recorded for 2020.