Have you recently been surrounded by confusing conversations about the metaverse, cryptocurrency and NFTs, and been completely lost? You are not alone. Here’s what you need to know about the Metaverse and NFTs.
You may know of NFTs as those quirky, strange artworks on the internet, but they are so much more.
NFT stands for a non-fungible token, which means that hidden in those artworks, are a unique and non-interchangeable unit of data stored on a digital ledger using blockchain technology to establish proof of ownership, like a signature. NFTs can be created from almost anything unique that can hold value and be stored digitally. They're like any other collector's item, like a painting or action figure, but instead of buying a physical item, you're instead paying for a file and proof that you own the original copy.
Here’s where it gets very interesting. Meta, the parent company of Instagram, is believed to be working on various non-fungible token (NFT) interfaces with Ethereum, Polygon, Solana, and Flow. This pilot program will take place in the United States featuring a small number of NFT enthusiasts.
The goal is for Instagram users to be able to prove ownership of their NFTs, display them on their accounts, and tag the creators who developed them by plugging in their wallets. Instagram plans on making this free, unlike Twitter.