You should already understand a bit about the platform, but knowing in detail how NFTs will work within Instagram is what we will cover in this article.
The platform’s algorithm is being revealed, but the features keep popping up. The last few months have been of intense changes and inclusion of options to improve engagement in Stories , Reels, Feed.
However, since May 2022, some US users selected by the platform have started the process of sharing the NFTs created and purchased on Instagram in their feeds, stories or directs.
Yes, with the recent rise in popularity of these non-fungible tokens, social networks have started introducing them to their platforms.
Later, Meta announced that it will start testing NFTs on Instagram and, later, on the rest of the brand’s platforms, such as Facebook and WhatsApp. All this with the idea of introducing this new technology to more people to expand its use through greater accessibility.
Although little has been announced about this new Instagram feature, what we know so far we are going to tell you here on Best Learning Academy.
NFT stands for Non-Fungible Token. They can be physical assets and digital assets. An NFT is a unique digital asset that is managed on a blockchain (much like cryptocurrencies). Basically, anything in digital format can be an NFT, such as artwork, airline miles, or video game skins.
And, by owning an original NFT, you have something unique and you can earn money with that NFT. And that’s where the interest of the market comes in. Being unique and registered, it generates a feeling of scarcity, speculation and interest, characteristics responsible for the phenomenon of sales.
How will NFTs work on Instagram?
There isn’t much information yet on how these will work, but what is known is that collectors will be able to post their items to the feed , stories, and direct message.
According to information from the platform, there will be an integration button on the avatar selection screen, with digital wallets.
NFT posts will have a label in the left corner with the name “ Digital Collectible ” or “Digital Collectible Item”, informing users that it is an NFT.
They will also glow, which further separates them from regular posts.
By tapping on the post, story, or message, the user will have access to links to the owner and creator profiles, as well as information such as the name of the work and a description of the artist.
Artists and collectors will be able to use the Rainbow, MetaMask and Trust Wallet wallets.
While announcing the news about how NFTs will work on Instagram, Adam Mosseri (CEO of the company) suggested that blockchains and token traders could provide creators with a new way to make a living on Instagram.
However, it has not yet been revealed whether the platform intends to create a collection system, like the one on Twitter, or a market to exchange NFTs.
Following feedback from the community, the platform is expected to roll out the novelty to more people.
How much will it cost?
Unlike Twitter, where only Blue subscribers have access to NFT-enabled services, Mosseri reinforced that there will be no fee attached to sharing or posting a digital collectible on Instagram.
However, it should be noted that changes occur very quickly on the platform. All changes are based on usage, especially in the strong creative economy, that is, on the opinions of content creators.
The inclusion of NFTs is expected to help create opportunities for a smaller group of creators on Instagram.
What about security?
For the platform, the key is to keep users safe, and as these tokens are a type of business based on credibility, the news will come little by little so that everyone can learn with the Instagram community.
However, some situations, such as those that occurred with the Bored Ape Yacht Club (BAYC) Instagram account, which was hacked, have impacted the concerns of Instagram creators and collectors.
Yuga Labs, the company that created BAYC, said that two-factor authentication has been enabled and much stricter security practices will now be in place.
Sustainability is another controversial concern regarding NFTs on Instagram. Reflection is being made on how to minimize the impact of emissions related to the exhibition of digital art through the purchase of renewable energy.
What’s next for Meta and NFTs?
NFTs are expected to make their way to the other Meta platforms in the near future.
In a video, Mark Zuckerberg confirms that the feature will soon be live on Facebook and shortly on the other Meta apps.
Users are expected to include NFTs in their Instagram stories using Spark AR, Meta’s augmented reality software platform.
Currently, Facebook’s Spark AR Hub allows users to promote, share, manage, and track AR effects.
Zuckerberg also says that in the future creators will be able to use Instagram to mint NFTs.
Did you like to know how NFTs will run on Instagram?
If this article was helpful to you, so share with your friends and start exploring the platform now.
Enjoy and also read:
- Blockchain Technology – everything you need to know
- Digital entrepreneurship: what it is, reasons to invest, how to start
- The Power of Instagram Marketing: How to Drive More Sales
By Best Learning Academy Team