If NFTs are integrated into its platform, the number of transactions could increase to eight billion per year.
Meta’s decision to integrate NFTs into one of its companies is believed to legitimize those assets by Deutsche Bank.
Instagram Will Legitimize NFTs
According to a report note released by Deutsche Bank on Sunday, the deployment of NFT technology on Instagram has the potential to make it mainstream and make the entire market excited.
Users will be able to mint NFTs directly on the platform in the next few months, according to Mark Zuckerberg, the CEO and founder of Meta.
According to the note, the process of buying and selling NFTs will be simplified by Meta-owned instagram. The note said that NFTs can be legitimized with the help of a notable brand effect.
According to the German bank, the NFT Marketplace can bring eight billion net transactions each year. NFTs will be brought into major internet companies’ platforms, like Instagram.
In order to showcase the NFTs they own as verified profile pictures, users who have subscribed to Twitter View the service have been allowed to do so. This feature draws a lot of attention, along with the rising popularity of NFT projects.
The company is looking for managers and engineers to build the largest creator economy on the internet, which is powered by independent creators, digital goods, and NFTs.
Hyper Growth Ahead for the NFT Market
The total addressable industry is estimated to exceed $1 trillion according to the note, which describes the current NFT market as in a stage of hyper-growth.
According to the report, the transaction volume of NFTs reached around $25 billion last year, 250 times more than the volume of approximately $95 million recorded for 2020.
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