At the beginning of March, Mark Zuckerberg announced that they were working on bringing NFTs to Instagram. Deutsche Bank published it in a report. He said that Instagram’s introduction of NFTs to a wide audience has the potential to strengthen the overall market.
The bank noted that Instagram could help “lower barriers to entry”, allowing anyone to create and sell innovative NFTs. The bank used the following statements for Instagram as a social media brand with a global user base:
It can legitimize NFTs that can serve across the company’s wider audience.
The report says that the launch of the NFT sunday on Instagram will gain a lot of traction when the feature is released for the public. The bank also released new estimates supporting its claim.
He added that Instagram’s NFT plans, when the feature is made available to the masses, could bring in about $8 billion in net annual revenue.