Would Instagram after Twitter be the next social network using NFT in user streams? Apparently yes!
Adam Mosseri, the head of Instagram, revealed a news item that changes the daily lives of many users: the application will begin the initial testing phase of its NFT functionalities, including the introduction of cryptocurrencies.
The NFT revolution
The introduction of NFT (Non-Fungible Tokens), these new digital assets will completely change the digital world. They will transform the art market by upgrading products or cultural goods via an “online” purchase with cryptocurrencies.
Over the last few years, NFT trading has grown tremendously. These blockchain-based digital artworks are being sold at exorbitant prices in top markets with sales of up to $ 5 million.
Because of its enormous potential, social networks are trying to break into the market, such as Twitter. Back in January, the app launched NFTs as hexagonal profile pictures.
Instagram also decided to take the plunge and confirmed : “We are testing different ways creators and collectors can share NFTs they’ve created on their own Instagram with a glitter effect. That means you can log in to the digital wallet and choose NFTs that you want to share ”.
A small group of users will be able to display NFTs on their feed, stories and messages. Labeled as “digital collectibles”, the uploaded NFT is not limited to images, but may also affect videos or music.
By clicking on the tag, more detailed information will appear, such as the name of the owner and creator.
Mark Zukerberg, the founder of Meta, announced the launch of the test of these “digital collectibles”, on Instagram and then on Facebook afterwards, so creators and collectors can display them on their profiles.
Digital art will also be able to be placed in physical spaces, thanks to the upcoming launch of augmented reality NFTs in Instagram Stories, via Spark AR.
NFTs on Instagram? What are they for?
We all know Instagram as a social network to socialize with friends, family, goals. We also know that several artists use it as a marketing tool to showcase their creations and that it has a huge marketing potential.
In fact, many content creators and brands do not hesitate to exhibit different forms of art there: photography, music, short videos … By using the right tools, these artists and brands can create a new business path.
NFTs, these digital certificates certifying the ownership of a work will be posted on Instagram, by connecting third-party digital wallets in the app. In practice, a small group of users, creators and collectors, will be able to share what they have created or purchased by connecting third-party digital wallets in the application. These digital objects will be displayed in a special state with more vibrant colors, and the content will be attributed to both the author and the owner.
In this first test phase, the Rainbow, MetaMask and Trust Wallet cryptocurrencies. Coinbase, Dapper and Phantom will be the compatible third party wallets for later use. But Ethereum and Polygon as well as Flow and Solana will already be the supported blockchains. As for the cost, posting or sharing an NFT on Instagram is completely free.
The potential of Instagram on NFTs
For Adam Mosseri, support for NFTs on Instagram could help introduce the technology to a wider range of people. The news comes as the media success around NFTs begins to decline where the market experiences one 92% fall of NFT sales since September 2021, according to the Wall Street Journal. But this integration of Web2 and Web3 could make the transition to the metaverse more palatable to a reluctant audience and in turn arouse interest in NFTs.
On Instagram, the feature will first roll out to a handful of U.S. users. It will then be tested on other social networks, such as Facebook.