NFTs are coming to Instagram!

After Twitter, will Instagram be the next social network to adopt NFTs in user flows? Apparently yes!

Instagram head Adam Mosseri unveiled a news that changes the daily lives of many users: the application will begin the initial testing phase of its NFT functionalities, including the introduction of cryptocurrencies.

NFT Revolution

start of NFT (Fungible Token)These emerging digital assets will completely change the digital universe. They will transform the art market by upgrading products or cultural goods through “online” purchases with cryptocurrencies.

Over the past few years, there has been a tremendous growth in NFT trading. These blockchain-based digital works of art are being sold at exorbitant prices in top markets with sales of up to $5 million.

Given its huge potential, social networks like Twitter are trying to break into the market. Back in January, the app launched NFTs in the form of hexagon-shaped profile pictures.

Instagram also decided to take the plunge and confirmed , “We are testing different ways for creators and collectors to share the NFTs they create on their Instagram to a great effect. This means you can log in to the digital wallet and choose NFTs you want to share”.

A small group of users will be able to display NFTs on their feeds, stories and messages. Labeled as a “digital collectible”, uploaded NFTs are not limited to images, but can also affect videos or music.

Clicking on the tag will show more detailed information, such as the name of the owner and manufacturer.

Meta founder Mark Zuckerberg announced the start of testing these “digital collectibles” on Instagram and then on Facebook so that creators and collectors can display them on their profiles.

Thanks to the upcoming launch of Augmented Reality NFTs in Instagram Stories via Spark AR, digital art will be able to be placed in physical spaces as well.

NFTs on Instagram? What are these for?

We all know Instagram as a social network to socialize with friends, family, goals. We also know that many artists use it as a marketing tool to showcase their creations and it has immense marketing potential.

In fact, many content creators and brands don’t hesitate to showcase the different forms of art out there: photography, music, short videos… Using the right tools, these artists and brands can create a whole new business opportunity.

NFTs, these digital certificates certifying ownership of a work, will be published on Instagram by adding a third-party digital wallet to the application. In practice, a small group of users, creators and collectors will be able to share whatever they have created or bought by adding a third-party digital wallet to the application. These digital objects will be displayed in a special mode with more vivid colors, and the content will be attributed to both the author and the owner.

In this first testing phase, Rainbow, MetaMask and Trust Wallet cryptocurrencies. Coinbase, Dapper and Phantom will be compatible third-party wallets to be used on the latter. But Ethereum and Polygon, as well as Flow and Solana, will already be supported blockchains. For the cost, posting or sharing NFTs on Instagram is completely free.

Instagram Potential on NFTs

For Adam Mosseri, support for NFTs on Instagram can help introduce the technology to a wider range of people. The news comes as media success around NFTs begins to decline, with NFT sales down 92% since September 2021, according to the Wall Street Journal. But this integration of Web2 and Web3 could make the transition to the metaverse more appealing to a reluctant audience, and spark interest in NFTs once again.

This feature will be first rolled out on Instagram for some US users. It will then be tested on other social networks like Facebook.

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