We all know and love how Instagram has allowed small and big content creators alike to showcase their skills and create a following. Many have even been able to monetize and create revenue streams.
Recently, the social media platform has started testing another feature by tapping into the world of NFTs. Select creators on Instagram are now able to integrate their NFTs into their profile, allowing them to show the world their unique creations & latest NFT purchases. This adoption by Instagram is a big step towards adoptions of NFTs allowing people to find new NFT collections owned by their favourite creators on Instagram.
Testing Digital Collectables
Instagram is now allowing select users to integrate their NFTs with their account. The process is a three-step method that joins the platform with decentralized wallets:
- Connecting a Private Wallet: To integrate an NFT with their account, users will need to connect their crypto wallet that holds the NFT. This is very similar to how crypto wallets are connected with decentralized apps or other blockchain websites.
- Sharing the NFT: Once the wallet is connected, the users can select any NFT within the wallet and post it in their Instagram feed. Once posted, the NFT will be displayed like any other creation, but with one major difference: a shimmering effect. This is to let viewers know that it is an NFT. At the same time, viewers will also be able to look up information about the NFT, which will be gathered from the public information on the NFT itself.
- Tagging Owner: Whether a creator or just a collector, the NFT posted will be automatically tagged with the name of the owner. While this is an automatic process, the owner will have the option to stop this under privacy rules.
Mark Zuckerberg announced the integration in a Facebook post. Instagram and Facebook are part of Meta, the social media giant group that also runs WhatsApp, a popular internet messaging app.
The Meta rebrand has been done under the policy of shifting the social media group’s attention towards the metaverse, a next generation virtual and augmented reality application that is gaining grounds and popularity with the crypto sphere, especially NFTs that can be integrated into it. Zuckerberg has also said that the integration will soon also come to Facebook.
The move will also give new opportunities for creators to share their talent and work, since both the artist and NFT enthusiasts will be able to showcase their NFT collectibles on Instagram. This will open up a whole new chapter for people who wish to showcase on social media.
Public Blockchains and Empowerment
According to the official post by Meta itself, the NFT integration with Instagram is made possible from the data that is available on public blockchain. Initially it will include Ethereum and the second layer solution Polygon, both of which are extremely popular for NFTs. Future plans also point towards connecting other public blockchains such as Solana and Flow.
There is also limited support for crypto wallets now, with MetaMask, Rainbow and Trust Wallets only available. That will however change soon as Coinbase, Phantom and Dapper are next in line.
The limited blockchain system and wallets is not without reason. As public ecosystems, these will help Instagram verify from open data on the true owner or creator of the NFTs and avoid scams or frauds.
Since Instagram is a centralized platform only a verified creation, (image or video) will be posted on it and the NFT will remain with the owner’s wallet.
We reached out to a CoinBoosts NFT Marketing Analyst for a comment regarding blockchain growth projections for the next decade: “By the year 2030, we expect to see an increasingly large percentage of world-class corporations working with and taking advantage of the various benefits that blockchain technology has to offer”.
NFTs, or Non Fungible Tokens, are a class of crypto assets that are essentially just like any other cryptocurrency, but with one major exception: They are one of a kind. The uniqueness is achieved by having the token backed by something itself that is unique, like an image, music or a video clip. For artists around the world, this has given them a new avenue to explore as the demand for NFTs has skyrocketed, with many selling for millions of Dollars.
Built on blockchain, the NFTs provide buyers with an immutable proof that what they are receiving is genuine and rare, while the creator takes advantage of the high demand and a ready market of enthusiasts who are willing to purchase the creations.
A social media platform that is aimed towards displaying images or small video clips, the integration of NFTs into it is a logical move as it now allows creators on Instagram to display their NFT talents as well.
Test Stage Only
The NFT integration is not a fully deployed feature and as of now, is being only tested. To make the testing environment secure and under control to avoid frauds, only a handful of NFT creators and collation owners have this ability.
The NFT integration option is for carefully selected verifiable creators in the United States as of the moment, but as the integration continues and any kinks are ironed out, Instagram will start rolling out the feature to other users as well.
As of now, all we can do is wait for our turn.
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