- Cross-platform sharing was announced by Meta in the early hours on September 29, connecting Facebook and Instagram.
- The NFT market saw declining interest as monthly volumes have reduced to a little over $500 million.
- Week on Week NFT traders have also reduced by over 57% as transactions fell to 1.6 million this month.
NFTs gained prominence towards the end of 2021 and achieved their peak around January 2022. Since then, every major and minor marketing strategy has incorporated NFTs in order to access a larger audience and, at the same time, bring NFTs to the mainstream media.
Although NFTs haven’t been the best-performing investment/trading asset over the last couple of months, the biggest social media company in the world is leaning into them.
Meta making NFTs meta
After launching the feature of displaying these digital collectibles on profiles in May this year, Meta expanded it to over 100 countries in August.
Touching Africa, Asia-Pacific, the Middle East, and the Americas, Meta also added support connections with third-party wallets, including Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet.
Taking the next step in promoting the feature further, Meta announced on September 29 that US users of Facebook and Instagram will be able to share their digital collectibles on these platforms. Additionally, these NFTs can also be cross-posted on both platforms.
Are NFTs struggling to find takers?
Since the beginning of this year, NFT trading volumes across all NFT marketplaces have been declining due to unfavorable market conditions. After conducting over $17.1 billion worth of transactions in January, the figure dropped.
NFT monthly trading volumes
At the time of writing, the overall NFT trades for the month of September sit a little under $500 million. Although another $19 million can be expected over the next 48 hours, the monthly volume would still be at its 15-month low.
While demand has certainly decreased, the presence of NFT traders have also equally contributed to the reduced volumes. Between January and September, the total number of traders have reduced by 57.8%, leaving just 232,000 active traders on these marketplaces.
NFT active traders
Combined, these 232k traders have only conducted 1.6 million transactions, which are the lowest since December 2021.
Hopefully, the social demand for NFTs anticipated from Meta’s users might rejuvenate their sales as well.
