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NFT overview – Instagram starts exploring NFTs on its platform

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In case you haven’t been able to keep up with the latest news from the world of NFTs, here’s a brief selection of the ones that caught our attention the most.

From launches of new collections, to updates on platforms and other news about the crypto world, the idea is to bring an overview of what moved the market and caught the media’s attention during the week.

In today’s edition, we bring you some releases in the world of NFTs, including Spotify’s entry into the metaverse, projects involving sports and how Instagram intends to spread the culture of NFTs on its platform.

Check out new releases and other news from the world of NFTs!

Instagram starts exploring NFTs

Instagram has announced that it will launch a pilot project to showcase NFTs. The new tool aims to promote the visibility of the culture of NFTs, since Instagram is one of the largest social networks in the world.

Until then, it is known that the platform will support NFTs from the ETH, Polygon, Solana and Flow network and will not charge users for viewing and sharing the NFTs.

Instagram boss Adam Mosseri commented in a video that a select group of US users will have the option to display NFTs in their feed, stories and messages. Details of NFTs will be displayed similarly to tagged profiles and products and are called “digital collectibles”. Clicking on the tag will display details such as the creator and owner name.

Under Armor launches NFTs with Stephen Curry

Sportswear brand Under Armor has announced that it will launch NFTs to honor every three-point shot made by NBA star Stephen Curry during current playoff games.

The NFTs will be distributed to fans on a first-come, first-served basis, and each will include elements, which are stored in digital wallets and will allow owners to customize the appearance of their avatars.

Under Armor plans to release 20,000 more NFTs in June, with more details on the drop and “NF3 Basketball” yet to be revealed.

Mercedes Formula 1 FTX team launch NFTs collection

Mercedes-AMG Petronas F1 team and brokerage FTX are partnering up a series of exclusive NFTs to interact with fans in a new way.

As a way of celebrating one of the first steps of the Formula 1 team on web3, the team, together with FTX, has partnered with digital artist Mad Dog Jones. The launch took place at the Miami Grand Prix, an event which had a large presence and involvement from the cryptocurrency exchange Crypto.com.

The collaboration resulted in the development and release of a collection of exclusive NFTs, accompanied by physical items, including the real rear wings of the Mercedes drivers’ cars and a 1:1 scale replica of the 2022 team car, customized by partner artist Mad Dog Jones.

The “Hyperprism” series is comprised of 11 digital artworks, 8 of which are yet to be revealed during the 2022 season.

Spotify comes to the Metaverse with Spotify Island.

Spotify entered the metaverse with Roblox, an online gaming platform that integrates a game creation system.

“Spotify Island” was launched on the Roblox platform and allows artists and fans to interact, participate in quests and gain access to exclusive products. The main island is designed in a green color palette, similar to the app, and surrounded by smaller themed islands, which will feature unique content, artistic interactions, and themed mini-quests.

At the ever-increasing intersection of the real world and the digital world, Spotify’s virtual Roblox experience will put the company one step ahead of the rest in the music industry.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

1 thought on “NFT overview – Instagram starts exploring NFTs on its platform

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