September 26, 2023

In addition to “turning up the heat a bit” on Meta employees who shouldn’t be there and hitting the catwalk of the metaverse, Mark Zuckerberg highlights Instagram’s expanded NFT support. The founder and CEO took the opportunity to announce extended NFT support on Instagram to tell everyone will soon convert the 1992 Little League baseball card to an NFT.

Why is this important? I couldn’t tell you, but I do know that at age eight, Zuckerberg hit .920 as a right-handed infielder in Dobbs Ferry, New York. And soon, this information will be backed up with a blockchain record.

This comes at an interesting time for Meta. Its main cash cow, Facebook, just reported its first-ever second-quarter revenue decline. Instagram is already in a state of confusion, bringing back tests of TikTok-like features because, as CEO Adam Mosseri told Casey Newton, “people are frustrated and the usage data isn’t great.”

So Meta is diving, albeit slowly, into a niche “digital collectibles” market that has collapsed sharply since peaking in the winter. ONE tracker on the sand dune shows data from OpenSea showing that, after falling from where it was in May, sales volume has remained relatively stable in recent months.

In a separate report on PlatformNewton noted that Meta, Twitter, and Reddit are promoting NFT projects but have no data to share about how they’re doing.

The only explanation for this focus is the idea that somehow these collectibles will explode in value when combined with the augmented and virtual reality spaces Zuckerberg is trying to create — but we’re not there yet.

Today’s news from Meta is that the NFT support test is available in 100 more countries, with connections for Coinbase Wallet and Dapper as well as NFT from the Flow blockchain.

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