In recent years, the crypto space has gained significant popularity. This has led to the invention and worldwide acceptance of other digital products. The latest trend in the digital space is NFTs. NFTs are one-of-a-kind assets in the digital world. They can be bought and sold like other property. However, they do not have a tangible form. NFTs can be used to value and authenticate the ownership of various digital assets like artwork and virtual land parcels. The entertainment industry is one of the most prominent sectors for NFT. However, other markets have started getting into the NFT business. For instance, it was recently announced that NFTs would be coming to Instagram soon.
Instagram NFTs
Mark Zuckerberg recently announced that his company plans to introduce NFTs to Instagram soon. He made this announcement during a conversation at SXSW. While he did not give many details about the integration of NFTs into Instagram, Zuckerberg explained that users would be able to bring in their NFTs and mint items within the environment. The company’s team is working out some technical challenges to bring this integration into reality.
So what does this mean?
While Mark did not detail what the integration will entail, there are a few ideas. For instance, Instagram’s head had previously hinted at two features. One feature will allow users to use NFTs as profile photos. The second will allow users to mint NFTs on Instagram. However, this feature will not be unveiled as soon as the integration since Meta is still working on some kinks to make it possible. There are also discussions about creating a marketplace for NFTs on Instagram.
What needs to happen before the integration
Mark Zuckerberg announced that a few technical challenges must be worked out to allow a seamless integration in his announcement. For instance, the company must ensure that the objects are integrated well on various platforms. This is perhaps the biggest challenge.
Instagram would also have to establish ways to avoid the constant claims of copyright infringement and scams that would come with becoming a marketplace for NFTs. Most of the existing NFT platforms are struggling with this issue. Unfortunately, this challenge has also caused a recent decline in interest in NFTs. Therefore, Instagram would have to find a way around it to avoid similar issues. These elements may lead to a delay in unveiling the integration and the Instagram NFT features.
Regardless, Meta, Instagram’s parent company, has shown significant interest in digital assets. As a result, the company has invested a lot in this new project. Therefore, as far-fetched as it may seem if there is anyone that can pull this off, its Meta.
Why we are not shocked
This announcement does not come as a surprise to many people. There have been numerous hints at this integration in the past few months. For instance, at the end of 2021, Adam Mosseri, the head of Instagram, announced the company’s active exploration of the world of NFTs to bring it to a larger audience. Adam also hinted at the two features explained in the sections above.
Additionally, Instagram hosted a “Creator Week” cybernetic summit last summer. This invite-only event was attended by some of the top NFT creators in the market. This was also an indication of Instagram’s interest in the NFT universe.
Additionally, Instagram’s interest in NFTs aligns with its parent company’s broader vision. Meta aims to create a profitable unified virtual universe packed with digital goods. Therefore, for anyone who has been tracking Meta’s plans, this announcement does not come as a surprise.
Furthermore, social media platform owners have developed an interest in NFTs recently. Apart from Mark Zuckerberg, Jack Dorsey, founder of Instagram, has also actively dived into NFTs. This year, Twitter enabled NFT profile pictures. However, only premium users can use this new feature. The NFT profiles show up as hexagons. Anyone interested can click to see their metadata. While this is a simple integration, it is a stepping stone to what will become a significant trend. For instance, if Instagram pulls this off, other platforms will likely follow suit.
Apart from the NFT integration, Mark Zuckerberg also announced that Instagram is actively working on improving its platform for creators by creating more ways for them to monetize their content.
Sources:
theverge.com/2022/3/15/22979926/instagram-nfts-meta-zuckerberg-sxsw-metaverse
9to5mac.com/2022/03/16/instagram-to-bring-nfts-to-the-platform/
