Instagram, a social media platform owned by Meta (formerly Facebook), is exploring the integration of non-fungible tokens (NFTs).
Adam Mosseri said that during an Instagram question-and-answer session over the weekend.
According to Instagram’s executive, the company is researching ways to make NFTs more accessible to its users. Mosseri sees one possibility as labeling Instagram posts that offer NFTs as “collectible items”.
Instagram’s CEO said that while there has not been an official announcement, things are happening behind the scenes.
“Nothing to announce yet. But we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience.”
The goal of the future initiative, according to Mosseri, is to help content creators:
“I think it’s an interesting place where we can play and also a way to help the creators.”
Instagram has, however, investigated the possibility of integrating NFTs into its platform before.
Indeed, Instagram organized a panel for NFT creators during “Creator’s Week” this year. The purpose of this event was to increase the following of creators and monetize their platforms.
In late June, app developer Alessandro Paluzzi shared details about NFTs on Instagram.
He posted screenshots of “Collectibles” at the time, noting that Facebook was actively integrating the tool.
— Alessandro Paluzzi (@alex193a) June 21, 2021
Later, in September, he returned to comment on the matter, saying that the social network was considering adding a section to manage digital wallets.
Coinbase, TrustWallet, Novi, and Rainbow wallets were added to Instagram in early December. It looks like it’s only a matter of time before the new feature for NFTs is added
Instagram May Be a Hot NFT Platform Soon
Although the most popular photo and video sharing network has not yet publicly announced the NFT feature’s rollout on its platform, it has explicitly mentioned the possibility of introducing payment features.
Instagram’s CEO, Adam Mosseri, has previously discussed technologies that could make it possible for creators to make money using the service. Additionally, he hinted that Instagram plans to roll out NFT-related services.
“Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a broader audience,” the CEO highlighted in an Instagram Q&A.
Many believe that NFT Instagram will soon offer a paid service for creators as it moves forward with NFTs. You could offer a similar service on Patreon or OnlyFans, both of which provide tools for content creators to manage subscription services and generate revenue.
Subscriptions are paid by fans of their favorite brands, celebrities, or public figures. By implementing payment methods and monetization tools, Instagram will be able to sell NFTs.
NFTs change the way people interact and give content creators more control over their earnings; they’re a new monetization tool for artists and content creators. Rather than from his creative products, influencers or content creators earn most of their income from advertising contracts with brands.
NFT allows them to monetize their videos, photos, memes, and songs. NFTs can be tokenized to create recurring revenue streams that extend beyond the price of the initial product. The more times an NFT is traded, the more income the artist receives.
A Big Trend
Additionally, NFTs can be applied in many different ways in this industry. NFT also allows content creators to interact with their audiences and raise funds for their artistic or charitable endeavors in addition to generating revenue.
Meta is not the only company actively exploring NFTs. TikTok announced the launch of a new project called TikTok Moments at the end of September, and the project has garnered widespread attention since then.
Due to the use of Ethereum, the product will enable content creators to be recognized and compensated for their work. TikTok Top Moments will be a collection of six TikTok videos from the network’s most influential content creators, according to the company.
According to the company, profits from NFT sales will be distributed directly to artists and content creators.
Since NFT provides fixed and transparent ownership in real time, it has been hailed as a significant breakthrough for a wide range of industries.
On closer inspection, however, things aren’t so straightforward, whether it’s the uncertainty surrounding the application scenarios or the true value of each NFT.
This technology will serve as a foundation for a variety of different outcomes, not to mention that it is still in its early stages of development.
It is impossible to predict whether the NFT trend will continue or not at this point. Despite this, NFT is still a rapidly expanding trend that has the potential to usher in a number of significant shifts in the internet market in the near future.
In addition, it cannot be denied that NF solves problems related to exclusive access and claiming copyright for virtual assets.
It could also become the most effective anti-hacking method in the future, and it can be applied to any industry that requires a high level of security.
The data structure of a NFT is very similar to that of Facebook, or Twitter post. This is a link to a media element, such as an image or video, and a description – all of that type of data is associated with a particular identity, such as your Ethereum address or ENS name.
There isn’t a separate feed that allows you to like or retweet NFTs yet. NFTs today aren’t as “instagram-like.” There aren’t any targeted ads, and probably no golden hour photos of Luis Vuitton yachts. In contrast to Instagram, the NFT infrastructure does not reward creators for spending time on yachts wearing expensive clothes. NFT is reward credibility and provenance.