Instagram: NFT tests reflect cryptographically generated behavior

According to Sebastian Cuadros, Instagram recently announced that it will be testing a new service for trading and exchanging non-fungible tokens (NFTs) among a “selected” group of creators and collectors, reflecting the so-called “crypto generation.” “Spread. Business Manager for Phemex Latin America.

At first, the test was only for Instagram users in the US. Juan believes it is “only a matter of time” before deals take off in Latin America. “NFTs are simply a form of credentials that grant their holders ownership, use rights, or other rights to specific assets. In this case, those assets may be images or artworks that are consistent with the platform and its user base. But these Tokens are equally related to assets such as funds, corporate participation or other types of equity. Just like their “traditional” equivalents (stocks), they can be exchanged and traded; chain hypothetical”.

According to Instagram’s announcement, a small group of U.S. users will be able to display NFTs in their feeds, stories, and messages. NFT details are displayed similarly to tagged profiles and products, which are called “digital collectibles”. The news was accompanied by a video message from Mark Zuckerberg, confirming that a similar feature will also be available on Facebook soon.

“This ‘peer-to-peer’ approach to exchange – without a third-party intermediary – offers the potential for truly frictionless transactions, where buyers and sellers agree and transact based on their (subjective) perceptions of price and value. In many cases , the absence of intermediaries will help create markets that would otherwise rely on infrastructure, verification and – inevitably – third-party costs,” he said.

Phemex is one of the largest cryptocurrency exchange platforms in the world; in addition to trading between cryptocurrencies and traditional currencies, the platform also facilitates trading between tokens representing transactions ranging from R&D projects to startups All things, all of them are denominated in cryptocurrency and verified through the blockchain.

“Last month, we made over 70 new so-called ‘currency pairs’ available to traders in Latin America, allowing them to buy, forecast and protect their positions. In many cases, without any third-party intervention, these Negotiations are more efficient than traditional negotiations,” said Sebastian, who went on to describe the activity as part of a broader socioeconomic trend sweeping the region.

“First, flexible ways of living and working; the pandemic and subsequent restrictions have definitely exacerbated this trend. Today, for example, 21% of Latinos describe themselves as freelancers. Second, they are at home and at work Increasing reliance on the web; 56% of Latin American workers believe that using social media helps improve job performance, while 64% admit to being influenced by social media in their purchasing decisions. Finally, Latin America is already a sharing economy active participants, so “the concept of ‘peer-to-peer’ transactions is very comfortable for them”.

“These trends combine to create a ‘crypto generation’ across Latin America; it’s not about demographics, it’s more about mindset, fully adapting to the opportunity for NFTs on Instagram etc. Instagram ads are definitely going to be transformative. But just in Latin This is just the beginning of the generation of cryptocurrencies in the Americas,” Sebastian added.

Phemex is actively involved in education in all aspects of blockchain and the opportunities it offers traders, investors and entrepreneurs in Latin America, including through partnerships with Argentina and Columbia University.

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