Popular social network, Instagram, may incorporate an NFT platform on the social site, as confirmed by its CEO, Adam Mosseri. Mosseri sought the opinions of his followers on Instagram through his Insta-stories on whether it’s something that would interest them.
The Plan
Even though he didn’t confirm any official confirmation, he stated that the network intends to bring NFTs closer to more people. He further said that there are plans on the ground for the site to assist its creators in making their content more profitable for them using NFTs. “We don’t have any official pronouncements to make, but our developers are already researching on how more of our users can access NFTs. In my opinion, NFTs are exciting, attractive, and aligned with our company objectives. Hence, we are making an effort to assist our platform’s content creators.”
About six months ago, one of Instagram’s top developers, Alessandro Paluzzi, revealed that the social site is exploring ways to develop an NFT platform of its own. Paluzzi revealed that NFTs on the platform would be known as “collectibles.” but there has been an official statement to support or deny Paluzzi’s revelations. Part of the plan to launch an Instagram NFT platform would involve integrating popular wallets such as Novi and Coinbase.
The TikTok-Instagram Debate
However, it would seem that TikTok’s rising popularity may have triggered the Instagram team’s interest in creating an NFT platform. You’d recall that TikTok has the initiative to promote its creators and reward them with tokens.
Some social media experts have claimed that TikTok and not Instagram was the most used social site, especially during the pandemic. But the Instagram CEO’s comments show that the platform’s NFT platform would run similarly to TikTok’s promotion and rewards for its content producers.
New Instagram Features
Perhaps in line with making the site more attractive to users than TikTok, Instagram launched some new features this week. Those new features include moments responses, profile embedding, and replay. The playback feature has caught the attention of most users as it allows them to show their memorable stories like a montage.
Users can use the moments’ feature to generate a movie from a comment. The profile embedding feature is still only available to American users, but it makes it possible for anyone to insert photos or videos that they’ve shared into their websites. Once the test of this feature is complete, this feature will be available to all users regardless of their location.
The 2021 NFT Boom
The NFT sectors have boomed tremendously since the start of the year and continue to disrupt several industries because they can be applied in any industry. Art and collectibles were the first industries affected by the NFT mania, followed by blockchain gaming, ticketing, and genetics.
Also, NFT marketplaces such as Beeple, Christie’s, and Metakovan became popular with the wider adoption of NFTs in the art industry. Now, the NFT gaming sector is gradually growing in popularity.
