Why Facebook Have Started to Embrace Crypto Tokens
More recently, NFTs (Non-Fungible Tokens) and cryptocurrencies have exploded. Essentially, NFTs act as a form of digital copyright, so people can buy and sell products online, while professional artists will ensure their work is protected by having an NFT in place.
The explosion of NFTs and cryptos have taken the world by storm. Now, it seems that the biggest social media platforms are ready to jump on the bandwagon and get involved.
Facebook, for example, is exploring the possibility of letting users display NFTs on their profile, and the platform’s marketplace has been a big benefit for businesses looking to sell their products, as well as attract more visibility to their site.
Twitter, meanwhile, is trying to influence the technology to get, and users are now allowed to sync up their crypto wallets with their accounts.
Although it may come as a surprise to many how the likes of Facebook, Twitter, and Instagram have adopted the new technology, just like NFTs, cryptos have been a real game-changer.
What we have seen over the past few years, is that many of the big multinational companies have embraced cryptos, and it has transformed attitudes in society. Google, for example, created a stir last year when it lifted its blanket ban on crypto ads for its advertising platforms. It supports the Coinbase cards, which allow digital users to store and spend cryptocurrencies. Similarly, Apple has Apple Pay, which allows consumers to pay for goods using crypto with their Coinbase card. In healthcare and media services, there are plenty of examples of companies using the blockchain to make transactions using cryptos. However, the biggest effect has been in the online casino industry. Many of the top sites use SSL (Secure Socket Layer) technology nowadays to keep players safe and protect their financial data when they play online. Indeed, more casinos are now allowing players to make deposits using cryptos. This applies to promotions and bonuses. So, for example, at the best free spins casinos in Canada, such as Spin 247, you can get free spins for selected slots, and you can make deposits and withdrawals using cryptos, such as Bitcoin, Ethereum, and Tether.
Clearly, the big social media platforms, such as Facebook, want to create a more hassle-free experience for their users, especially when it comes to storing data.
By trying to make crypto native or rather crypto-friendly apps, Facebook wants to add another string to their bow and make themselves a one-stop site for social media fans.
To a certain extent, we are only in the early stages of cryptos and NFTs, so it will be fascinating to see how things transpire in the coming years.
Nevertheless, the future looks bright, especially when you see Facebook jumping on board, and throwing themselves into an arena, which previously, they may have had little experience in. If Facebook can transform itself here, then it may not just be a big positive for the world of cryptocurrency, but it could also help them claw back some of the dominance that Instagram has managed to exert recently.