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Non-fungible tokens, or NFTs , are digital files with proven ownership and identity.This verification is carried out using blockchain technology, which creates a “smart contract” for file owners.

NFTs, on the other hand, are now in a rut.

NFTs have dropped 92% and are struggling for the first time since the surge last year.

Meta has disclosed that NFTs will be available on Instagram as soon as this week.

Has the Facebook behemoth arrived too late or just in time to salvage blockchain technology as the non-fungible token market collapses?

Twitter allowed users to bring NFTs to its platform through their profile images earlier this year.

Only Twitter Blue subscribers on iOS devices may access the feature, which is distinguished from ordinary profile images by its hexagonal shape.

This week, we’re starting to test digital collectibles on Instagram so creators and collectors can display their NFTs on their profile,” Zuckerberg wrote in the post.

While NFT features are now exclusively available to Instagram creators, Zuckerberg said that “similar functionality is coming to Facebook soon.”

He also said that Meta is working on a feature that would allow creators to “insert digital art into actual surroundings” via augmented reality NFTs on Instagram Stories via Spark AR, the company’s 2017 AR lab.

Instagram CEO Adam Mosseri also confirmed that the service that allows users to distribute NFTs will be free, as opposed to the $2.99 monthly Twitter Blue subscription.

It will be trialled with a “handful” of US makers and collectors at first.

In an April 28 Meta earnings call, Zuckerberg stated that he is investing heavily today to “set the groundwork for what I believe to be a really exciting 2030s.”

He clearly sees the current slowdown in NFTs as a blip on the radar before something more significant.

NFTs are definitely not going away, as other significant corporations, such as video game developer Square Enix, hedge towards a non-fungible future.

While NFTs may recover, Meta’s aspirations for Facebook and Instagram may have an uphill battle convincing NFT, Web 3 and blockchain evangelists that companies have a place in a decentralised society.

It’s one of the reasons why, unlike Twitter, using NFTs on Instagram will be free, and Meta is looking into supporting carbon-neutral blockchains like Flow, Polygon, and Solana alongside Ethereum.

While the demise of NFTs is unlikely, what they will look like in ten years and how they will be employed is an open question.

This is Meta’s strategy, and it’s why many companies and NFT users are still excited even as their Bored Ape value falls.

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