Nonfungible tokens (NFTs) started as a blockchain fad that isn’t fading as more players pile on, certifying ownership of digital assets with designs on the forming metaverse.
While Spotify itself was mum, the Financial Times reported on Thursday (Mar. 17) that recent job postings reveal the streaming service is planning to bring NFTs and crypto into its ecosystem.
That came after the announcement Monday (Mar. 14) that former Disney CEO Bob Iger is joining the board of Genies, the Web3 firm dominating the avatar space.
In a press release, Iger said, “I’ve always been drawn to the intersection between technology and art, and Genies provides unique and compelling opportunities to harness the power of that combination to enable new forms of creativity, expression and communication.”
Read more: Ex-Disney Chief Invests in NFT Startup Genies
Meanwhile, speaking at the SXSW conference in Austin on Tuesday (Mar. 15), Meta CEO Mark Zuckerberg told attendees that Instagram is getting in on the NFT action as part of its strategy.
As first reported by tech site Engadget, Zuckerberg told a SXSW audience, “We’re working on bringing NFTs to Instagram in the near term. I’m not ready to kind of announce exactly what that’s going to be today. But over the next several months, the ability to bring some of your NFTs in, hopefully over time be able to mint things within that environment.”
Giving an example, the Meta chief said, “I would hope that you know, the clothing that your avatar is wearing in the metaverse, you know, can be basically minted as an NFT and you can take it between your different places. There’s like a bunch of technical things that need to get worked out before that’ll really be seamless to happen.”
See also: Zuckerberg: Metaverse-Friendly NFTs Coming Soon to Instagram
Banks Want In
It’s not just social platforms pushing into the metaverse with NFTs. Banks are taking positions.
On Wednesday (Mar. 16), Decentraland rival The Sandbox announced that it is partnering with HSBC. While details are scant, the announcement has an image of an HSBC-themed plot of land with a multisport stadium and a brand lounge/experiential marketing space, as well as a field and lake.
See also: HSBC Becomes Latest Brand to Enter the Metaverse
The move comes after J.P. Morgan’s January entry into Decentraland. In an interview CoinDesk, J.P. Morgan’s head of crypto and the metaverse Christine Moy said, “There is a lot of client interest to learn more about the metaverse.”
“We put together our white paper to help clients cut through the noise and highlight what the current reality is, and what needs to be built next in technology, commercial infrastructure, privacy/identity and workforce, in order to maximize the full potential of our lives in the metaverse” Moy said.
See also: JPMorgan Opens Branch in Metaverse
Surging interest and investment is understandable. NFTs are big business and poised to grow.
Citing data from a Nonfungible.com study done in collaboration with L’Atelier BNP Paribas, PYMNTS recently reported that “trading of NFTs last year hit more than $17 billion, up by 21,000% over 2020’s total of $82 million. Over 2.5 million crypto wallets belonged to people holding or trading NFTs in 2021. In 2020, that number was just 89,000.”
See also: NFTs Hit $17B in Trading in 2021, Up 21,000%
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