Connect with us

SOCIAL

Meta Launches New NFT Display Options on Facebook

Published

on

Meta Launches New NFT Display Options on Facebook

Just when you thought the NFT hype was dying down, Meta’s looking to stoke the embers once again, with the introduction of new NFT display options on Facebook.

As you can see in these screenshots, posted by Meta product manager Navdeep Singh, Facebook users will now be able to create custom NFT posts, with a ‘Digital Collectible’ tag, while profiles will also have a new, dedicated NFT section to show off your non-fungible artworks.

As with Instagram, which launched the first stage of its NFT support program back in May, when users tap through on these images, they’ll be able to see who owns the artwork, and who created it, along with a brief description of the piece.

Instagram NFTs

The information is sourced via the NFT detail listed on the public blockchain, with Facebook set to provide support for Ethereum, Polygon, and all the major exchanges, and NFT owners able to connect their Rainbow, Trust Wallet and MetaMask accounts to verify NFT ownership.

That is, of course, if all of those exchanges and tools are still in operation.

NFTs, as with all crypto-aligned projects, are suffering a major downturn at the moment, which is largely reflective of broader economic trends, but has hit speculative financial products the hardest.

NFT trends via Google

As you can see in this Google Trends chart, consumer interest in NFTs is waning, while The Wall Street Journal recently reported that there’s been a 92% decline in NFT sales since September last year.

Trust in NFTs as an investment opportunity has also been impacted by a range of rug pulls, scams and exploits, which have seen many early investors lose thousands, even millions in some cases.

The core idea – that digital items will become a much bigger thing in the metaverse future – has merit, and there’s no doubt that, eventually, people will be buying more digital items that don’t exist in real life, in order to showcase status and personality in the virtual realm. But profile pictures of monkeys? Maybe not.

Advertisement

Either way, Meta sees NFTs as a stepping stone, and another foundational element in its metaverse shift, which is why it’s keen to push ahead with its NFT projects, regardless of the general public status.

Which is why Meta is also experimenting with an NFT marketplace, that would facilitate the sale of virtual items in its apps.

NFTs on Instagram

That’s where it sees real value and utility, providing direct connection between its current platforms and the metaverse, with users then able to buy and display their virtual items, which could then lead others through to its next-level digital experiences.

Indeed, Meta CEO Mark Zuckerberg has talked up the potential of NFTs, and the expanded role that digital goods will play in the coming Metaverse shift. In this sense, it’s less about what NFTs are right now, and more about what they represent, and it’ll be interesting to see how users might eventually look to showcase their digital items on their Facebook and Instagram profiles.

But it’s not available to all users just yet. Meta says that it’s conducting a ‘slow rollout’ of its Facebook NFT tools, starting with a ‘select group of creators in the US’, before expanding to other regions.

So you won’t be seeing an influx of badly drawn profile pictures on Facebook just yet, but you may see it ramp up over time, with a range of digital items on show.



Source link

SOCIAL

Snapchat Launches Snapchat+ Service in India, at a Significantly Lower Price Point

Published

on

Snapchat Officially Launches its New 'Snapchat+' Subscription Program

This is one way to boost your ‘average revenue per user’ stats.

A month after launching its new Snapchat+ subscription offering to users in predominantly western markets, Snap is now also making the option available in India – though at a much lower price point than the initial push.

Snapchat+, which offers exclusive access to new and experimental features, including alternative icons, profile badges, additional analytics and also a desktop version of the app, is available to users in the US, Canada, the UK, France, Germany, Australia, New Zealand, Saudi Arabia, and UAE for $US3.99 per month (or local equivalent).

But in India, Snapchat+ will be launched at a starting price of 49 – which converts to around $US0.62.

That seems like a fairly big discount, and according to reports, Snapchat+ in India will offer access to all the same features and tools that the general offering has.

So why so cheap?

Well, for one, it’s a different market, and Snap needs to price its offerings in line with the local economy. Snapchat+ also doesn’t cost Snap anything to produce, as such, as there are no production costs built in (other than system maintenance), so it has the flexibility offer variable price points, if it so chooses.

Advertisement

And as noted, it could crucially be a way for Snap to enhance its revenue per user stats, which, right now, reflect its strong reliance on the North American market for revenue.

Snapchat Q2 2022

If Snap can even that out, and show how it can become a more important, valuable platform in other markets, and make money from its presence, that could help to improve its market standing, while also bringing in additional revenue – which would also be income that’s not reliant on ad spend. And like all social apps, Snap’s ad revenue has taken a hit due to Apple’s ATT update.

It seems like a logical and sensible approach, helping to make the app more sticky with Indian users, and ideally, increasing adoption and revenue intake in another key region.

Snap has seen significant growth in India since it upgraded its Android app back in 2019. Android is by far the most popular OS in the Indian market, and as local connectivity and tech continues to evolve, that’s also opened the door for Snapchat to establish a bigger local presence, while the banning of TikTok in 2020 also pushed Indian users to find alternatives, further enhancing Snap’s appeal.

Indeed, Snapchat is now reportedly up to 144 million daily actives in the Indian market, overtaking the US (108m) as its top country by user adoption – so while it’s not the highest earning region for the company, it is now, arguably, the most important, which is why the expansion of Snapchat+ makes sense.

And while western users may be annoyed that they have to pay more for these features, it could be a clever push by Snap, which could end up paying off big time for the app.  

Source link

Continue Reading

DON'T MISS ANY IMPORTANT NEWS!
Subscribe To our Newsletter
We promise not to spam you. Unsubscribe at any time.
Invalid email address

Trending

Entireweb
en_USEnglish