Instagram becomes an NFT marketplace
Since Facebook changed its name to Meta in late 2020, much of the tech firm’s efforts have been focused on expanding its reach into emerging blockchain technologies. One major project undertaken by Meta during the first half of 2022 was integrating nonfungible tokens into its social networks, Facebook and Instagram. By mid-year, there were rumors that Meta wants to allow users to buy and trade NFTs on its platform.
To get started, Instagram has introduced new features for select creators on its platform. These features will roll out to everyone soon.
The first round of selected Creatives includes
- Amber Vittoria
- Dave Krugman
- Refik Anadol
- Isaac ‘Drift’ Wright
- Eric Rubens
- Jason Seife
- Vinnie Hager
- Sara Baumann
- Ilse
When digital collectibles are purchased through Instagram, neither the creators nor collectors will need to pay for fuel. However, at launch, this may not be the case.
A few weeks after announcing his intention to create an NFT marketplace for Instagram, Mark Zuckerberg revealed that he was planning to launch one on Facebook too. He did not disclose any details at the time but promised that similar features would be available on both platforms. Soon afterwards, Instagram began testing its own version of NFTs. It allowed selected users to share NFTs on their profile pages and in follower feeds.
Shortly after announcing their plans for nonfungible tokens (NFTs), Meta rolled out NFT features to users in 100 countries across the globe.
However, the platforms’ core NFT functionalites had yet to be added — namely, the ability for people to buy, sale, and trades NFTs with one anther through Facebook and Instagram. Today’s reveal means that’ll finally change. With this new round of public tests, selected creators will be able to offer and purchase NFTs with their audience on Instagram.
With a significant emphasis being placed on ensuring NTF integations on its platform are accessible, the fruits from Meta’s NFT-powered initiative may not be fully realized until some point down the road. However, once they are, we could see one of Web 2’s most important networks grow into one of Web 3’s. Krugman, for his part, is optimistic. “I believe that the NFT community would be well advised to recognize how interwoven we are with social media,” he said. “We can create a more sustainable ecosystem for creators working in connected online communities.”
