In May of 2022 Meta announced that they will be introducing digital collectibles to showcase NFTs on Instagram. They will be selecting US creators and collectors to share NFTs that they have created or bought. The new feature will allow the creator to connect a digital wallet from which to share chosen NFTs, and can automatically tag the creator and collector after a transaction. No fees will be applied when posting or sharing on Instagram.
Creators are stepping out of their comfort zone to inspire people and push culture forward around the world every day. Fans can support their favorite creators by purchasing their digital collectibles – art, images and video, music, or trading cards as non-fungible tokens ( NFTs). Creators use new technologies like NFTs to take more control over their work, relationships with their fans, and how they monetize a sustainable income through their content creation.
Meta is looking at what creators are already doing to improve the overall experience, and they want to help them create more monetization opportunities while helping to bring NFTs to a broader audience.
NFT stands for non-fungible token. An NFT is a digital asset that represents a real-world object such as art, music, in-game items, and videos. They are strictly bought and sold online, typically purchased with cryptocurrency. Although NFTs have been around since 2014, they are becoming increasingly more popular.
The market for NFTs was worth $41 billion in 2021 alone and is increasing every year.
NFTs are one-of-a-kind items that have unique identifying codes embedded with the same underlying software as many cryptocurrencies. Up until now, NFTs have been hard to access by potential buyer, and this created digital scarcity. Meta is working to change that by making them more accessible to a larger community by bringing them to Instagram.
Instagram head Adam Mosseri announced that they are beginning to test digital collectibles with a handful of US creators and collectors who will be able to share NFTs on Instagram that they have created or bought. This new initiative includes:
Connecting a Digital Wallet
Once connected, creators and collectors will have the ability to choose which NFTs from their wallet they would like to share on Instagram.
Sharing Digital Collectibles (NFTs)
Once a creator or collector posts a digital collectible, it will have a shimmer effect and can display public information, such as a description of the NFT. Posts will also be visible on the content creator’s profile in their main Feed, Stories, or in messages.
Automatic Tagging of Creator and Collector (Optional)
The creator and collector can be automatically attributed in the digital collectible post (subject to their privacy settings).
“I want to acknowledge upfront that NFTs and blockchain technologies are all about distributing trust and distributing power,” Mosseri said. “But Instagram is fundamentally a centralized platform, so there’s a tension there. So, one of the reasons why we’re starting small is we want to make sure that we can learn from the community. We want to make sure that we work out how to embrace those tenets of distributed trust and distributed power, despite the fact that we are, yes, a centralized platform.”
“We do think that one of the unique opportunities we have is to make web3 technology accessible to a much broader range of people. And NFTs specifically we think will be interesting not only to creators who create NFT art, but also to people who want to collect it.”
The goal of these early efforts is to empower diverse voices and ensure underrepresented groups have access to emerging digital assets like NFTs. It is also an important goal to continue keeping Instagram a safe and enjoyable space for everyone, by enabling users to report any digital collectibles that don’t follow Instagram policies. Lastly, with NFTs raising questions around sustainability, Meta plans help reduce the emissions impact that might be associated with the new feature on Instagram by purchasing renewable energy.
NFTs on Instagram 🎉
— Adam Mosseri (@mosseri) May 9, 2022
This week we’re beginning to test digital collectibles with a handful of US creators and collectors who will be able to share NFTs on Instagram. There will be no fees associated with posting or sharing a digital collectible on IG.
See you next week! ✌🏼 pic.twitter.com/VuJbMVSBDr
At the launch, the supported blockchains for showcasing NFTs on Instagram are Ethereum and Polygon, with support for Flow and Solana coming soon. The third-party wallets compatible for use at launch will include Rainbow, MetaMask, and Trust Wallet, with Coinbase, Dapper and Phantom coming soon. Mosseri outlined that only a limited number of people have access to the Instagram test, but the company plans to roll out more functionally related to NFTs in the future once results and feedback are analyzed.
Soon access of digital collectibles will be expanded to more creators, bringing the benefits of NFT buying and selling to everyone. For now, if you want to see digital collectibles in action, follow these accounts:
@adambombsquad, @bluethegreat, @bossbeautiesnft, @c.syresmith, @cynthiaerivo, @garyvee, @jenstark, @justmaiko, @maliha_z_art, @misshattan, @nopattern, @oseanworld, @paigebueckers, @phiawilson, @swopes and @yungjake.
“I feel excited to be able to share my NFT journey with the community I’ve been cultivating on IG for over ten years! I love how this new feature will let collectors trace the art back to the artist and be a part of the community that they have been building on IG for so long. I also love how it bridges my traditional art community and the Women Rise NFT community.” – @maliha_z_art
Meta will continue to listen to the feedback received from creators and the rest of the Instagram community after launching the new features. Meta CEO Mark Zuckerberg said in an announcement that soon, digital collectives will be introduced on Facebook as well. He also said that Meta is working on augmented reality NFTs, or 3D NFTs, that you can upload as AR stickers to your Instagram Stories using Spark AR.
If the test launch goes as planned there are big things in store for Instagram and Facebook surrounding digital collectibles!
Resources:
Instagram to start testing NFTs with select creators this week
Introducing Digital Collectibles to Showcase NFTs on Instagram
https://www.forbes.com/advisor/investing/cryptocurrency/nft-non-fungible-token/
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