NFTs on Instagram: What Can Creators Expect?
Non-fungible tokens (NFTs) are all the rage in the crypto world, with the market soaring through the roof. OpenSea, being one of the largest NFT marketplaces, witnessed $5 billion worth of volume in January 2022.
The latest headline-grabbing development in this arena is
the incorporation of NFTs on Instagram.
Mark Zuckerberg has announced that Instagram users will
reportedly be able to mint NFTs on the social media platform “in the
near term.”
While this is big news for the cryptocurrency and blockchain
communities, it doesn’t come as a surprise. In January, there were talks,
albeit in the early stages, about Meta
launching an NFT marketplace.
In 2021, Zuckerberg also highlighted how digital goods could
get support from the planned metaverse.
The latest remarks from the Meta founder and CEO indicate he
plans to pave the way for success in the blockchain using NFTs.
What Can Creators Expect from This Development?
The integration of NFTs will allow for a whole new level of engagement
on Instagram. It’ll open up a new avenue for content creators to share their
work and sell exclusive rights to it.
NFTs can represent anything from digital art to in-game
items. They are unique and cannot be replaced, which makes them perfect for
collectibles.
Instagram is planning to add support for NFTs in two ways:
· By allowing creators to post NFTs as normal posts
· By creating a dedicated space for NFTs called Digital Collectibles
The addition of NFTs to Instagram will undoubtedly be a
game-changer for the platform. For creators, it opens up a whole new world of
possibilities. Their fans can support their work by purchasing their images,
videos, art, music, or trading cards as digital collectibles or NFTs.
By selling their artwork or other digital creations directly
on Instagram, creators can potentially achieve a very lucrative new revenue
stream.
It’s also worth noting that Instagram
has over one billion active users, so there’s a large potential market for
NFTs on the platform. This could lead to some very high prices for certain
NFTs, especially if created by well-known creators.
So far, the reaction to Instagram's announcement has been
positive, with many creators looking forward to the possibility of monetizing
their content in a new way.
We can expect NFTs on Instagram to empower underrepresented
groups and diversify the voices on the social media platform.
Testing NFTs on Instagram
Instagram has begun testing
NFTs on the platform with select US-based creators and collectors. The Digital Collectibles feature includes:
· Connecting a digital wallet to choose which NFTs they want to share on Instagram
· Posts of digital collectibles with a shimmer effect on their profiles, displaying the NFT description
· Automatic tagging of creators and collectors, depending on their privacy settings
Of course, there are still some unknowns at this point. It's
not clear how exactly Instagram will handle payments for NFTs. There’ll be no
fees for sharing or posting NFTs on Instagram, though.
Overall, this is exciting news for creators who use
Instagram.
What’s Next?
The next step for NFTs on Instagram will involve people
sharing NFTs as AR stickers in their stories. More features may be introduced
in the coming months to enable creators and collectors to make the most of the
blockchain technology.
After Instagram, Facebook is also likely to roll out digital
collectibles.
Keywords: NFTs on Instagram, NFTs, blockchain
