One of the biggest social networks, Instagram has confirmed it is actively exploring Non-Fungible Tokens (NFT) issued on Ethereum, Polygon, Solana, and Flow. Meta, the parent company of Instagram is expected to make an official announcement on this as early as next week.
Popular social media platforms like Facebook and Instagram offer a lot of use for billions of people around the world like staying in touch with their loved ones, sharing your personal life with the world, and now, expressing your individuality through the NFTs or non-fungible tokens.
Why Instagram?
Nowadays, the importance of social media can be very well understood by the rising industry of crypto and its relationship with the digital audience. We can see a sudden rise in the field of social media among the youth.
Instagram is a form of social networking platform that allows you to connect, conversate, and engage with multiple communities online. It is an extremely useful tool for businesses and the crypto world these days. As Instagram is also popular among the youth, it creates higher chances to reach quality customers.
https://twitter.com/CoinMarketCap/status/1523565593131110401
With its latest announcement, Instagram will feature a small group of NFT enthusiasts based in the U.S. Moreover, Instagram will not even charge its users for posting and sharing NFTs.
Instagram will also support popular crypto wallets like MetaMask. Now that the users will have to connect their wallets to the platform before they display the NFTs on their profile, this seems indeed a necessity.
So far, Twitter is the only social media platform that has fully supported NFTs while Reddit had an NFT-infused pilot and YouTube only allows its creators to explore the technology features. Instagram has around one billion monthly active users, and will surely introduce NFTs to a new category of audience.
Meta and NFTs
In March, Meta CEO Mark Zuckerberg had announced at the Southwest conference in Austin, Texas, that Instagram is working on bringing NFTs to its platform in the following “several months”.
He had also expressed interest in eventually allowing Facebook and Instagram users to create and share their NFTs within these platforms. This is also known as minting. There are reports that the company plans to enable minting and group membership on Facebook. Meta also intends to create a virtual currency called Zuck Bucks.
Imagine creating your own NFTs from the pictures you post on Instagram and then selling them as a digital asset for those who appreciate them as much as you do.
If Meta decides to move forward with minting, this could all be done within Facebook and Instagram – two platforms where many users already feel comfortable sharing their lives. With the support of NFTs, these spaces could even become more personalized.
Overall, Facebook and Instagram dominate “the digital world”. Moreover, they will continue to lead the way by merging with NFTs. As we all know, NFTs are becoming increasingly popular and by introducing them to such platforms, your posts will be immortalized by special tokens that are uniquely yours. For example, consumers will be able to easily promote their own NFT creations or use their purchased NFTs as profile pictures, decorations for their home pages, and much more.
Thus, this is the best time to explore the world of NFTs, if you haven’t yet!
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Kevin Mudd, EU Regulated Fund Manager and KMG Capital Markets' CEO, created D-CORE to become the first provider of high-quality, institutional-level research in the crypto/blockchain market. He heads D-CORE's operations from Limassol, Cyprus.
Carlos Cano is D-CORE's Creative Lead and host of the Blockchain People podcast on D-CORE's platforms. He is a digital nomad and is responsible for all the creative materials you see from D-CORE. You can find him on Twitter.
