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digital
daily

digital daily: NFT Unlock

Change is continuous, yet often met with great resistance. Change shines a bright light on uncertainty and complexity that is always there, but most prefer not to see. Proponents of change are charged with the task of demystifying technical concepts to focus attention on the utility of the change. In the digital ecosystem, NFTs are a gateway to that change. Reddit’s success in introducing NFTs as a digital collectible is a good example. Over 2.5 million Reddit users were onboarded to the Polygon ecosystem, even though most users were unaware they were on cryptocurrency rails. This is a remarkable success given the initial hostility of most Reddit users to NFTs. Creators and publishers need web 3.0, but it should be easy and familiar to users. This is a lesson to be picked up by Meta as they elevate their NFT presence. NFTs on Instagram present an opportunity to foster a creator-centric economy. Meta replicating Reddit’s success requires the user onboarding process to be seamless. Key ingredients will be high throughput and lower costs for the NFT creators – the selected blockchains, Polygon and Solana are leaders in that area. How Instagram NFT users navigate Apple’s 30% fee on in-app purchases will be an interesting twist, though market-based competition is the resolution. Digital asset access to Instagram’s two billion active users accelerates adoption. Early signs of investor optimism and user activity are evident with Polygon’s surge in price and large holder accounts since Meta’s announcement last week. The power of social media is once again at play.

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