How are NFT Collectibles Bringing Back the Lost Glory of Facebook?

NFT

NFTFacebook might gain back its popularity in social networking through NFT collectibles. Here’s how.

The young generation hardly uses Facebook these days. The “Queen of Pop” announced on Instagram and Twitter late Thursday that she had acquired an NFT from the popular Bored Ape Yacht Club collection worth more than half-a-million dollars. This may be the boost that Facebook needs right now and the non-fungible tokens, which seem to be on their last legs after starting the year off with a bang. The two buzzwords at the start of the year seem to have lost their luster. 

But by announcing her arrival in the metaverse, Madonna can undoubtedly revive interest in this concept at the heart of the future of Facebook, now known as Meta Platforms  (FB) – Get Meta Platforms Inc. Class A Report. Moreover, it is on one of the platforms of the giant social networks that the pop star announced to the world that she was now part of the very select Bored Ape Yacht Club NFT (BAYC).

Madonna is the latest celebrity to publicly endorse digital apes, following high-profile purchases by stars like Justin Beiber, Paris Hilton, and Eminem. The singer-songwriter and actress revealed the purchase on March 25, 2022, via the pop star’s Instagram page. Besides Bored Ape, the metaverse ‘Material Girl’ owns a bunch more NFT collectibles as well. Statistics indicate that Madonna currently holds 17 NFTs from eight different collections. While Madonna’s wallet only has US$30 worth of Ethereum, the wallet does hold US$21,285 worth of apecoin (APE). The Bored Ape Yacht Club NFT collection has the most expensive floor price with a current floor value of 103.69 ether. The collection has an estimated market capitalization of around US$1 billion and during the last 24 hours, the BAYC collection has seen US$7.2 million in volume or 2,311 ether.

“I finally entered the MetaVerse,” the ‘Like A Virgin’ singer wrote on her Instagram account.” My very own Ape!”

The artist then thanked the startup MoonPay, no doubt the firm through which she acquired her Bored Ape. MoonPay, the crypto custodian and payments processor that serves as a “concierge” service for celebrities interested in buying NFTs, was behind the latest transaction.

For the uninitiated, the company previously launched MoonPay Concierge, a new service for high net worth individuals interested in purchasing crypto and high-value NFTs. Snoop Dogg, Gunna, Meek Mill, Lil Baby, Gwyneth Paltrow, Diplo, and Kevin Hart are some of its well-known clients.

NFTs appear to be an unstoppable drive. The newest within the blockchain world, NFTs have grown from being traded at $100 million in 2020 to US$23 billion in 2021. The 230x enhancement has acquired crypto buyers looking excessive and low for high-quality NFT tasks to assist.

Non-Fungible Tokens, or NFTs, are a means for the common shopper to authentically declare possession rights over a digital asset. These belongings can vary from samples of an upcoming track by an artist, a chunk of artwork, a tweet, and even the origins of the web. Hence it is hoped that Facebook will find its spark back with the entry of Madonna into the NFT.