In addition to “turning up the heat a little” on Meta staff that shouldn’t be there and hitting the Metaverse runway, Mark Zuckerberg is highlighting Instagram’s expanded NFT support. The founder and CEO took the opportunity to announce expanded NFT support on Instagram and let everyone know that he is soon converting his 1992 Little League Baseball card to NFT.
why is it important? I can’t possibly tell you, but I do know that at the age of eight, Zuckerberg scored .920 as a right-handed infielder at Dobbs Ferry, New York. And soon, that information will be backed up with a blockchain entry.
This comes at an interesting time for meta. Its main cash cow, Facebook, reported its first ever decline in revenue for the second quarter. Instagram is already in the throes of confusion, withdrawing testing of features like TikTok, as CEO Adam Mosseri told Casey Newton, “people are frustrated and the usage data isn’t great.”
So meta has been diving into a niche market of late, “digital collectibles” that has rapidly collapsed since peaking in winter. A tracker on Dune displays data from OpenSea, showing that sales volume has remained fairly flat in the months since where it fell in May.
in a separate report for platformerNewton noted that Meta, Twitter and Reddit are all pushing NFT projects but have no data to share how they are doing.
One explanation for this focus is the idea that somehow these collectibles will explode in value when Zuckerberg is trying to build together augmented and virtual reality spaces — but we’re not there yet.
Today’s news from Meta is that testing NFT support is available in 100 more countries, with connections coming from Flow blockchain to Coinbase Wallet and Dapper, as well as NFTs.