Love it or hate it, NFT is here to stay for a while. If you are not familiar yet, Non-Fungible Tokens (NFT) really took off in the past year. It started out as something of a trading alternative for artists in the digital space. It also stems from cryptocurrency, which is another completely different and large topic on its own.
The rise of NFTs does pave plenty of ways for artists and content creators to make millions in a matter of minutes, faster than ever before. There are always two sides of the coin though. Some may like the idea of NFT, some opposed it and thinks that NFT is just a fad. Then again, cryptocurrency is not everyone’s cup of tea either.
Instagram seems to be one that hopes that the NFT trend could boost their own popularity though. To be fair, this should not be something new. Instagram has been contemplating on allowing the sharing of NFTs on their platform for a while now. Recently, the thoughts have been put to action as announced by Instagram’s head, Adam Mosseri via Twitter and Instagram Reels.
This does not mean that Instagram is going to be a marketplace for NFTs though. It is a mere platform to showcase owned NFTs. According to Adam, there will be additional information provided with NFT postings. Information like who owns the NFT, for example, will be essential and shared with the posts. He also added that NFTs can be posted and shared across the platform without additional fees or costs.
NFTs on Instagram 🎉
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
Still, you do want to take Instagram’s stance on NFTs with a pinch of salt though. Adam Mosseri’s post says that they are just beginning the tests with a handful of creators and NFT owners. That also means that not all users might get to share their NFT contents just yet. It could pave a way for Instagram to become one of the NFT marketplaces in the future, depending on how its users receive the feature. For now, it will act like a gallery for NFT placements. If you wish to buy NFTs, you still should head to the appropriate marketplaces to make your purchases or bids.
What do you think about NFTs? Is this the right move for Instagram? Would you share your digital collectible on Instagram? Would you even buy NFTs off Instagram? Comment below!