The nonfungible token (NFT) space has recorded massive adoption since the start of the year, but the market is expected to attract more investment.
Meta-owned Instagram has become the latest company to look towards the nonfungible token space. The company’s CEO, Adam Mosseri, recently revealed that the social media giant is actively exploring the NFT space.
He made this known during a recent Instagram video, stating that the company has been interested in the NFT space for a while now. The company is looking to establish 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 that we can play…and also a way to hopefully help creators.”
This latest development comes just two months after the parent company Facebook rebranded to Meta, indicating its desire to fully explore the metaverse and NFT space. Instagram has become the latest major company to look towards the NFT space.
The NFT space has recorded massive progress since the start of the year. A recent report by DappRadar revealed that the NFT trading volume since the start of the year had surpassed $23 billion, 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 surpassed $10 billion for the first time. The trading volume in the fourth quarter of 2021 is expected to top that level. The market is expected to get even more competitive in the coming months and years.
OpenSea remains the leading NFT marketplace in the world. However, the entry of big companies like Binance, Coinbase and FTX will make it even more competitive. The NFT space has attracted media companies, celebrities and athletes.