Instagram: The NFT test reflects the behavior of crypto generation

Instagram recently announced that Instagram will test a new service for trading and exchanging non-fungal tokens (NFTs) among a group of “selected” creators and collectors, Sebastian Cuadros announced, reflecting the spread of the so-called “cryptographic generation” for Development. Phemex Director of Latin America Business.

Initially, the test will only be targeted at US Instagram subscribers. Juan believes that starting a business in Latin America is a “matter of time.” “NFTs are merely a form of bond that gives the holder ownership, use or other rights in respect of a particular asset. In this case, those assets will be images or works of art aligned with the platform and its user base. But these tokens are equally important funds. for business participation or other types of assets, such as their “traditional” equivalents (shares), which can be exchanged and traded, in which case the entire transaction is taken through the blockchain ”.

According to the Instagram announcement, a small group of U.S. users will have the ability to show NFTs in their feeds, stories, and posts. NFT details are displayed similar to the labeled profiles and products, where they are called “digital collections”. Along with the news, a video message from Mark Zuckerberg appeared, confirming that similar features would soon be available on Facebook as well.

“This peer-to-peer exchange approach – without the intermediation of third parties – offers the opportunity for real frictionless trading where buyers and sellers agree and trade based on a (subjective) perception of price and value. In many cases, the absence of intermediaries will help to create markets that would otherwise be based on infrastructure, valuation and, inevitably, third party costs, ”he says.

Phemex is one of the largest cryptocurrency trading platforms in the world; In addition to cryptocurrency and traditional currency trading, the platform facilitates the trading of tokens from research and development projects to business start-ups, all denominated in cryptocurrencies and validated via Blockchain.

“Last month, we made more than 70 new‘ couples ’available to Latin American traders to buy, predict and protect their positions. In many cases, these negotiations are more effective than usual because there is no third-party intervention, ”says Sebastian, who continues to describe the activity as part of a much broader socio-economic trend in the region.

“First, a flexible approach to life and work; the tendency has been exacerbated by pandemics and subsequent reductions. Today, for example, 21% of Latin Americans describe themselves as self-employed. Second, there is a growing dependence on the Web at home and at work; 56% of Latin American employees believe that the use of social media contributes to work performance, while 64% believe that social media has an impact on purchasing decisions. Finally, Latin Americans are already active participants in the sharing economy, so “the concept of peer-to-peer commerce is completely convenient for them.”

“These trends coincide with the creation of a‘ cryptographic generation ’across Latin America; which has nothing to do with a less demographic and more with a mindset that fits perfectly with Instagram’s NFT option, among other things. I’m sure the Instagram ad will be transformative; But the creation of cryptocurrencies in Latin America is just the beginning, ”added Sebastian.

Phemex is involved in education in all aspects of the Blockchain and in the opportunities it offers to Latin American traders, investors and entrepreneurs, in collaboration with universities in Argentina and Colombia.

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