Deutsche Bank: Instagram NFT marketplace could bring Meta $8 billion a year

The introduction of non-fungible tokens (NFTs) on Instagram could accelerate global adoption of cryptocurrency. This is according to a new Deutsche Bank study, the details of which were reported by CoinDesk.

Analysts believe the social network will simplify the process of buying and selling crypto assets and, in turn, lower barriers to entry for the market. Instagram’s strength and global brand recognition will help legitimise NFTs and dispel hesitant attitudes toward buying tokens among the mass audience.

Using data on marketplace commissions, the authors forecast that the launch of such a trading platform on Instagram could bring Meta around $8 billion in annual revenue.

Overall, the NFT market is currently in “hyper-growth mode” — in 2021 its transaction volume reached $25 billion, about 250 times higher than in 2020. The bank valued the total addressable market at $1 trillion.

Following Meta, Deutsche Bank expects eBay, Twitter and Snap to follow in advancing NFT technology.

Meta chief Mark Zuckerberg confirmed the imminent arrival of non-fungible tokens on Instagram.

Back in January, Twitter integrated the ability to add NFTs as profile avatars.

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