NFT marketplaces have been springing up lately, almost all platforms and organizations want to own an NFT market place. But opensea has been the leader of all NFT market places. It process the highest transaction and help contributes to the large chunk of trading volume flooding into the NFT market place. While opensea has been the leader there seem to be another competition coming in and from the look of things, if the launch becomes successful it will take Opensea’s position.
Few weeks ago the news about Instagram integrating a market place circulated around blogs. This seemed like something Meta is serious about. Knowing Meta’s past into trying to get involved in crypto, it’s obvious that they are not giving up. While opensea uses a Metamask wallet, I wonder what type of wallet will be required to use the Instagram NFT Market place.
Instagram is going to be a big competition to opensea if it’s NFT marketplace gets launched. This is because, the population of people that use Instagram daily is massive. Over 2 Billion people use Instagram daily all over the world, and that’s more than 200X the amount of users that use Opensea daily. There are probably 2 Million users or lesser on opensea and that’s nothing compared to the users on instagram, using 10% of Instagram users to run an estimate, Infact 10% of Instagram users is way too much, let’s use 2% of Instagram users investing on NFTs through Instagram’s NFT market place. We are going to be seeing up to $50 Billion trading volume. That’s on a 2% estimation, if it gets to 20% that’s probably $500 Billion, half a trillion dollars. While opensea has $23 Billion of trading volume.
This is going to go a long way in crypto and NFT adoption in the future. Because it will create more exposure which will lead to more adoption. But then, how decentralized is it going to be? I have no idea though. While centralization has always been an issue for the Meta company, we can’t help but look at how easy the company will probably make owning an NFT be like. The simplification will be made so easy that almost any Instagram user can easily click some buttons and they get one.
We have seen Meta’s success in business when they integrated business and social media by promoting paid advertising, the amount of money being generated from that sector daily is enormous, now imagine such with NFTs. I’m more interested in Meta’s using its audience and influence in promoting NFTs and crypto like it did with the metaverse.