Meta is in the process of introducing non-fungible tokens (NFTs) to the social media channel Instagram, a move that is set to transform how users present themselves online, engage with each other and create an income from social media.
Starting this week, select creators and collectors on the platform will be able to share their digital collectibles on Instagram.
Soon, all users will be able to leverage blockchain technology to earn income and create and distribute engaging content, whilst fans will be able to support their favourite creators by purchasing digital collectibles – art, images and videos, music or trading cards – as NFTs.
Instagram and digital collectibles
Meta is 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 feature 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: 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 their profile.
- Automatic tagging of both the creator and collector: The creator and collector can be automatically attributed in the digital collectible post.
Meta is to collect and organise public data from open blockchains, such as Ethereum, in order to provide this feature, however, it will only be able to identify which collectibles belong to collectors and creators when they connect their third-party wallets to Instagram.
Starting at launch, the blockchains that will be supported are Ethereum and Polygon, with Flow and Solana expected to follow. The third-party wallets compatible for use will include Rainbow, MetaMask and Trust Wallet, with Coinbase, Dapper and Phantom also reportedly in the pipeline.
There are to be no fees associated with posting or sharing a digital collectible on Instagram.
“Instagram’s integration of NFTs represents a major step-change for crypto. Facebook/Meta has tried multiple times to enter this arena, including the ill-fated Diem stablecoin that attracted stiff opposition from regulators and politicians,” comments Adi Ben-Ari, founder and CEO of the blockchain-based solutions provider Applied Blockchain.
“This time, they are doing things differently, integrating with existing wallets rather than building infrastructure afresh. It will be interesting to see how this relationship develops, perhaps with more Instagram influencers promoting digital collectibles to their followers.
“With the feature already live and appearing inside the app, enabling users to trade their NFTs on Instagram would be a relatively easy next step. One thing is certain: this move will introduce a hugely expanded new audience to existing crypto products.”
By building support for NFTs and introducing them to the social media giant Instagram, Meta aims to improve accessibility, lower barriers to entry, and help make the NFT space more inclusive for everyone.
As it’s important to Meta that Instagram is kept as a safe space, the company has stated that users will be able to utilise its tools to keep their accounts secure and report digital collectibles that go against community guidelines.
In regards to the use of blockchain technology and sustainability, Meta has reportedly said that it will help reduce the emissions impact that might be associated with the display of digital collectibles on Instagram by purchasing renewable energy.
“I feel excited to be able to share my NFT journey with the community I’ve been cultivating on Instagram for over 10 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 Instagram for so long. I also love how it bridges my traditional art community and the ‘Women Rise’ NFT community,” said Maliha Abidi, a creator active on the site.
Next steps to NFT-compatible Instagram
The company has stated its future intentions to roll out digital collectibles on its neighbouring site Facebook, in addition to plans that will allow users to display and share their digital collectibles as augmented reality (AR) stickers in ‘Stories’; an already popular feature of the platform.
Meta will continue to listen to feedback as it embarks on this new area of investment.
