Social Media Giant Twitter's Aggressive Entry Into Adopting NFT As Profile Picture As the use of NFT profile pictures on social media develops, individuals must now have digital IDs for all Metas
By John Stanly •
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Since early 2021, there has been much discussion regarding adopting NFTs as profile pictures. Things became serious when Twitter introduced Twitter Blue, which included hexagon-shaped profile pictures. Twitter Blue turned out to be a pioneer in this field. The platform currently supports many crypto wallets, enabling users to connect them to their accounts and validate their NFT. Reddit, Facebook, and Instagram followed and quickly announced NFT avatars, introducing a new vogue.
The Block Research firm reports that NFT trading volume tripled from $2.67 billion in December 2021 to $6.86 billion in January 2022. Moreover, based on Twitter's annual financial report of 2021, it has more than 220 million daily active users, Facebook 1.9 billion daily active users, and Instagram 2 billion monthly active users. With these statistics, the NFT community is actively addressing the rising need for NFT avatars, Meta identities, and the evolution of digital presence.
As the use of NFT profile pictures on social media develops, individuals must now have digital IDs for all Metas. While the NFT industry develops, so does the social media drive to include NFTs into networking functions, as an example led by Twitter. This reaffirms the role of quality profile pictures and projects seems to be just on time. It is clear that NFT avatars are here to stay and will continue to evolve. Citing the demand, many projects have been announced, however, they lack uniqueness and fail to provide a distinct identity to users' online presence.
NFT profile pictures were already in development even before the social media giants announced their official recognition. However, it is the first attempt for NFT enthusiasts to develop a collection created specifically for building digital identities.
World of Women, Bored Ape Yacht Club, CryptoPunks are a few prominent names in the world of NFT. These NFT collections were initially intended to be art collections, but their owners began utilizing them as their profile images as time went on. When it comes to NFT avatars, the owner's digital status is reflected in them.
As a result of social media giants' announcements, NFT projects specifically targeting the profile picture segment are starting to pop up. A new trend is being generated by Twitter and projects like the Novatar seems to be on top of the game: NFTs created specifically as profile pictures. The Novatar's NFT project is bringing the idea of diversity and human growth to the blockchain. This could be the first step of building digital identities that might be used for Metas in general.
Data from Reuters states NFT sales reached $25 billion in 2021. The market has expanded by about 26,000 per cent since 2020 due to increased community interest in NFT collectibles, digital art, Metaverses, and more. In October 2021, 571,000 NFT wallets were created, a 19-fold increase over October 2020.
According to specific assessments, NFT sales will reach $80 billion by 2022. The social media companies' aggressive entrance into the business with "NFT as a profile picture" further stimulates future market development.
