The non-fungible token (NFT) space has seen massive adoption since the beginning of the year. It is expected that the market will attract even more investments.
The meta company Instagram is the latest company to deal with the field of non-fungible tokens. The company’s CEO, Adam Mosseri, recently revealed that the social media giant is actively exploring the NFT space.
He recently did this in a Instagram video and explained that the company has been interested in the NFT field for some time. The company aims to have a presence in the NFT market. He said:
“Nothing to announce yet, but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience. I think it’s an interesting place to play… and also a way to help YouTubers.“
This latest development comes just two months after the parent company Facebook was renamed Meta, which illustrates the desire to fully explore the Metaverse and NFT space. Instagram is the latest big company to focus on the NFT space.
The NFT space has made massive progress since the beginning of the year. A recent report published by DappRadar revealed that the NFT trading volume had exceeded $23 billion since the beginning of the year, making it one of the fastest growing areas within the broader cryptocurrency industry.
In the third quarter of the year, the total NFT trading volume exceeded $ 10 billion for the first time. The trading volume in the fourth quarter of 2021 is expected to exceed this level. It is expected that the market will become even more competitive in the coming months and years.
OpenSea remains the world’s leading NFT marketplace. However, the entry of large companies such as Binance, Coinbase and FTX will make it even more competitive. The NFT space has already attracted media companies, celebrities and athletes.