NFT on Instagram: dream or reality?
On Instagram, Meta introduced the option to create your own NFT collections. On November 2, Meta Group announced that the Polygon network (MATIC) has been chosen to create them. Following the news, the asset’s price skyrocketed by more than 17% in a matter of hours.
How does it work?
The service will offer a set of tools for designing, demonstrating, and selling NFTs to users. The new features are being tested by Meta with “a small group of authors in the US.” In the coming months, Meta plans to spread them to additional regions.
If users bought NFT on the other platform, customers could use the Solana blockchain in addition to the Ethereum, Polygon, and Flow blockchains.
What’s new?
Meta is also expanding additional revenue streams for creators on its platforms. The firm stated on November 1 that it is broadening the implementation of a professional mode that grants access to new monetization systems such as the Stars virtual currency tip system.
Another new feature is to access collection metadata directly in the app from the OpenSea Marketplace.
More new features:
- Connection to a digital wallet. Once linked, authors and collectors will be able to select which NFTs from their wallet to publish on Instagram.
- Sharing digital collectibles. When a creator or collector publishes a digital object, it will have a flicker effect and may display public information, such as the NFT’s description. Their posts also appear in their profile.
- Automatic classification as a creator and collector.
Context
In May 2022, Meta initiated a trial program to incorporate NFT into Instagram. Selected users could use NFT as a profile photo.
The social network will support assets on the Ethereum, Polygon, and Flow blockchains as part of the program. Furthermore, Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet can also be connected.
Also, there are no costs associated with the service.
Previously, only USA citizens were able to see their NFT collections. However, in early August, the list of countries included the Asia Pacific, the Middle East, and Africa.
Other details
Instagram NFT improvements will broaden the number of NFTs that may be shown on the social network. On the Solana blockchain, they include dynamic NFTs and art tokens.
It’s not the end! Meta added a video format and has broadened users’ opportunities to promote NFT on Instagram. They also introduced support for the Phantom wallet and allowed the show of Solana tokens.
Conclusion: Why is it interesting?
Instagram’s NFT innovations are comparable to those announced by Twitter in September, while other revenue tools directly resemble TikTok Coins and Gifts or YouTube’s Super Thanks.
All platforms actively develop monetization solutions to allow content creators to earn in easier ways and persuade them to stay on the platform. However, this so-called “competition for creators” hasn’t yet peaked. Therefore, earning opportunities on social networks will become more widespread.
