According to Deutsche Bank, Instagram’s involvement in Non-Fungible Tokens can help accelerate the widespread adoption of NFTs due to the social media platform’s enormous user base.
The bank stated in a research report released on Sunday that the market potential for the use of Non-Fungible Tokens is significant, and Instagram has a major role to play in convincing people to get interested. According to Deutsche Bank, the total addressable market (TAM) for NFT is estimated to be more than $1 trillion. It has a wide range of categories that appeal to a broad spectrum of users, such as art, collectibles, and gambling.
In March, Meta CEO Mark Zuckerberg stated that Instagram would be incorporating NFTs into its operations. According to Engadget Senior Editor Karissa Bell’s eyewitness account, he stated this at a panel at Austin’s South by Southwest Festival.
The Deutsche Bank believes that Instagram’s involvement in NFT will make it easier for individuals to buy and sell NFT, minimizing the challenges that the average person experiences with this technology. Aside from the aforementioned, NFT will benefit from Instagram’s recognition and brand identity. It will “lend itself to legitimatize NFTs, which could serve to erode buying hesitancy across the company’s broader audience.”
If you would like to read more articles like this, follow DeFi Planet on Twitter, LinkedIn, Instagram and Facebook.
