Instagram Announces Plans for NFT Marketplace
The battle lines are being drawn. Following the dawn of Meta (FB) last month, Instagram has now thrown down their gauntlet for early control of the Metaverse. Company CEO Adam Mosseri announced over the weekend that Instagram will “actively pursue” building features for incorporating non-fungible tokens. They’re looking to be the leading NFT marketplace.
We need to find Luke Skywalker. The evil emperor (Zuckerberg) and his sidekick Darth Vader (Mosseri) are pushing the dark side of corporate control into the Metaverse. As the top two social media platforms, they have an advantage. The rebellion is undermanned and short on resources. Can they wrest control from the emperor’s stormtroopers?
Winklevoss Twins, Nike, and Disney are in the Fight
It’s been nearly twenty years since the Winklevoss twins lost their first-round fight with Mark Zuckerberg. They have not been idle. Cameron and Tyler established the Gemini Crypto Exchange and partnered with crypto podcaster Andrew Steinwold and Andreessen Horowitz to create a $100 million NFT fund. They are in the fight for Metaverse control.
NFTs are the key to ownership in this virtual universe that’s being created. Nike (NKE) made their move on the technology earlier this month when they purchased RTFKT (pronounced “artifact”), a creator of virtual sneakers and collectibles. The company also makes 3-D avatars. Can we expect to see “pumped-up kicks” in the metaverse? Nike seems to think so.
Disney (DIS) won’t be denied their piece of the pie. CEO Bob Chapek announced in an earnings call last month that the creation of a “Disney Metaverse” is already under way. With their production capabilities and resources, it certainly won’t be a “Mickey Mouse” effort. The Magic Kingdom might be the most formidable adversary to the Evil Empire.
Independent Players Could Tip the Scales
Personally, I do not, nor will I ever, invest in Meta, Nike, or Disney. I will invest in Gemini if they ever go public, which might happen next year. The other three are just different versions of the same problem. Each of them stifles creative freedom in their own way, something that cannot be allowed in the metaverse. I’m betting on the independents to tip the scales in this war.
Roblox (RBLX) is one company I can get behind. Gamers, despite the negative stereotypes, are some of the coolest people I know. The stock is up 45% this year. On that same note, I also like Immersion (IMMR). The makers of “touch” virtual technology have taken some hits this year, but the price is right to buy and the metaverse is a huge opportunity for them.
With tax-loss harvesting season coming to a close next week, now is the time to look for bargains in this space. Check out Tokens.com (SMURF). The Canadian “crypto staking” firm has an innovative business model and is positioning as a “vertically integrated real estate company for the metaverse.” That should be fun to watch. I bought in this morning.