The platform’s algorithm has been unveiled, but our features appear at every moment. The last few months have seen intense changes and inclusions of options to improve engagement in Stories, Reels, and Feed. However, since May 2022, some American users selected by the platform have started the process of sharing NFTs created and purchased on Instagram in their feeds, Stories, or directs. Yes, with the recent boom in the popularity of these non-fungible tokens, social networks have started to introduce them on their platforms. Twitter introduced NFTs as hexagonal profile pictures for premium users. YouTube is also considering helping its network of creators generate money by adopting Web3 technologies and NFTs. So Meta announced that it will start testing NFTs on Instagram and, later, on all other platforms of the brand, such as Facebook and WhatsApp, for example. All this thinking about introducing this new technology to more people to expand its use, through greater accessibility. While little has been announced about this new Instagram feature, here’s what we know so far.
About NFTs
Perhaps you are already familiar with the NFT universe so feel free to skip this part. But if you would like a quick understanding of this technology, follow us in the brief description below. NFT is the acronym for Non-Fungible Token, and they can be physical assets or digital assets. An NFT is a single digital asset that is managed on a blockchain (very similar to cryptocurrency). Basically, anything in a digital format can be an NFT, like artwork, airline miles, or video game skins. And, by owning an original NFT you get something unique, and you can make money with them. And that’s where the market interest comes in. Because it is unique and registered, it generates a feeling of scarcity, speculation, and interest that are responsible for the phenomena in sales.
How will NFTs work on Instagram?
There is still not much information about the functioning of NFTs on Instagram, however, what is known is that there will be the possibility for collectors to publish their items in the feed, Stories and by direct messages. According to information from the platform, there will be an integration button on the avatar choice screen, with digital wallets. NFT posts will have a tag in the left corner with the name “Digital Collectible”, informing users that it is an NFT.
They will also shine, further separating them from regular posts. By tapping on the post, story, or message, the user will have access to links that will take them to the Instagram profiles of the owner and creator, as well as information such as the name of the piece and a description of the artist.
Clicking on Learn more will give you access to information on the blockchains supported by the platform, which initially are Ethereum and Polygon. But the forecast is that other systems will be supported soon, such as Flow and Solana. Artists and collectors will be able to use Rainbow, MetaMask, and Trust Wallet first. During the announcement of the news about how NFTs will work on Instagram, Adam Mosseri (CEO of the company) suggested that blockchains and token traders could provide a new way for creators to make a living. However, it has not yet been revealed whether the platform intends to create a collection system, like the one on Twitter, or a marketplace for selling items. After community feedback, Instagram should release the news to more people.
How much will it cost?
Unlike Twitter – where only Blue subscribers have access to services with NFTs – Mosseri stressed that there will be no type of fee tied to sharing or posting a digital collectible. However, it is worth noting that changes occur very quickly on the platform. All changes and implementations are built on usage, especially the strong creative economy, ie feedback from content creators. Instagram hopes that the inclusion of NFTs on the platform will help create opportunities for a smaller group of creators.
But what about security?
For the platform, the fundamental thing is to keep users safe and, as NFT is a type of business based on credibility, the news will arrive calmly so that everyone can learn from the community. However, some situations such as the occurrences with the Bored Ape Yacht Club (BAYC) Instagram account being hacked, had an impact on the concerns of creators and collectors. According to CoinDesk, the estimated loss was nearly $3 million, with more than 90 NFTs stolen. Hackers promoted a fake distribution of NFTs that tricked users into clicking a malicious link that gave hackers control of their wallets. Yuga Labs, the company that created BAYC, stated that two-factor authentication was enabled and that security practices were strictly enforced. Another controversial concern regarding NFTs on Instagram is in the area of sustainability. Ways to minimize the impact of emissions related to the display of digital art are being considered by purchasing renewable energy.
What’s Next for Meta and NFTs?
There are hopes that NFTs will make their way to Meta’s other platforms in the near future. In a video, Mark Zuckerberg confirms that this functionality will soon be active on Facebook and, soon, on the company’s other applications. Users are predicted to feature 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 the AR effects they make. Zuckerberg also says creators will be able to use Instagram in the future to mint NFTs in the app.
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