US users can now access Instagram NFTs
The CEO of Instagram, Adam Mosseri, has announced that the social media giant is actively looking into how it can make NFTs more accessible.
Mosseri said through his Instagram account,
"Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience."
He added, "I think it's an interesting place that we can play…and also a way to hopefully help creators."
The CEO's comments come at a time when the social media giant has already started exploring the NFT space, and the wider cryptocurrency space.
Instagram and Cryptocurrency
In May, the platform hosted a panel for NFT creators. The panel was part of Instagram's inaugural "Creator Week," which was planned to assist creators to promote their following and monetize their channels.
Instagram's VP of international partnerships said, "They have told us they need more information on how to do that, not just from us, but from other creators."
Even though the event was invite-only, some sessions were accessible to the public.
Early December, former executives from Instagram, Stripe, and Tinder pledged a $50 million crypto fund named 'Chapter One.' The fund was focused to design and offer real advice to founders.
Jeff Morris, former Vice President of Product at Tinder and co-founder of Chapter One said, "There's a lot of things that worked in Web2 that could be incorporated into Web3."
Chapter One has in the past used another fund to invest in seed rounds for multiple crypto-related firms, including Compound and Dapper Labs.
January 21st, 2022 update
Meta is Testing NFT Marketplace on Instagram
Meta, formerly Facebook, is said to be working on a function that will allow users to display their NFT portfolios on Instagram.
According to the Financial Times, Meta, formerly Facebook, has new intentions to enter the fast-growing non-fungible token (NFT) market.
The Financial Times stated, citing unnamed sources, that the social media company is working on a tool that will allow users to mint and trade NFTs, as well as display their collections on their Meta and Instagram profiles. In April 2012, Meta, formerly Facebook, paid $1 billion for Instagram.
The blockchain network on which these capabilities would be developed is still unknown. NFTs are currently available on several blockchains, including Solana, Tezos, Ethereum, Flow, and WAX.
According to the report, an NFT marketplace similar to OpenSea is also in the works.
OpenSea has been a cornerstone of the emerging NFT industry. Amid a massive market decline, the platform set a new monthly volume high of $3.5 billion two weeks before the end of January.
According to a report by analytics firm Chainalysis, the total market for digital collectibles will reach $41 billion in 2021.
The $69 million auction by digital artist Beeple at Christie's, monthly million-dollar sales of CryptoPunks, and a slew of celebrities endorsing the craze in one way or another capped off a spectacular year.
This publicity has drawn the curiosity of non-crypto firms as well.
Meta, Instagram, and NFTs
Adam Mosseri, the CEO of Instagram, said in December that the company is "actively studying NFTs and how we can make them more accessible to a wider audience."
The company organized a session for NFT makers earlier this year to assist raise awareness about how to use the technology. Artists said they "need more information on how to [use NFTs], not just from us, but from other creators," according to Instagram's VP of global partnerships, Charles Porch.
NFTs are also expected to play a big role in the metaverse, which is a persistent digital world where individuals interact through virtual avatars. Establishing non-fungible custody of objects inside a completely digital environment is crucial.
With its latest push into NFTs, the tech industry is getting a glimpse into how Meta could implement NFTs on its platform. Facebook's recent rebranding as Meta signaled CEO Mark Zuckerberg's intent to move "from being Facebook first as a company to being metaverse first," and with its latest push into NFTs, the tech industry is getting a glimpse into how Meta could implement NFTs on its platform.
March 16th, 2022 update
Mark Zuckerberg confirms Instagram will introduce NFTs
During SXSW, the Meta CEO confirmed rumors that Instagram will get into NFT. Zuckerberg said that users will be able to build NFTs of their digital avatars' outfits. However, Zuckerberg didn't say when NFTs will be available on Instagram.
In a visit at the South by Southwest conference in Austin, Texas, Zuckerberg reportedly claimed:
"We're working on bringing NFTs to Instagram in the near term."
Speculation about the announcement has been circulating for months, with many speculating that users will be able to create new NFTs on Instagram and share ones they currently have.
During his address, Zuckerberg expressed his hope that users will be able to create the outfits of their digital avatars as NFTs one day but acknowledged that there is still work to be done.
Of course, this isn't Zuckerberg's first venture into blockchain technology. The CEO notably attempted to launch a digital currency named Libra in 2019, but the endeavor failed due to tremendous regulatory and political backlash.
The so-called Libra Association, which was announced in April 2010, was abandoned within months of its announcement due to pressure from US Senators Brian Schatz (D-HI) and Sherrod Brown (D-OH). By January 2022, Libra, now called Diem, was canceled.
Last October, during a virtual event, Zuckerberg revealed that Facebook will be rebranding to Meta, intending to bring the metaverse to life and connect people.
Investors have responded negatively to Facebook's rebranding and metaverse shift. Meta's stock has dropped more than 20% since the news. Tuesday's announcement on the Instagram NFTs seems to elicit little interest from investors. At a time when the general market was up roughly 3%, Meta's stock closed up around 3%.
Following Twitter's notable decision to introduce support for NFT profile images in January, social media businesses have been attempting to incorporate cryptocurrencies and NFTs into their platforms. In December 2020, erotica site OnlyFans introduced NFT profile images while Reddit introduced its own NFT library.
Crypto isn't just appealing to social media giants. In trademark filings, American Express, a major credit card company, hints at its expansion into the Metaverse.
This week, American Express filed applications with the US Patent and Trademark Office to provide digital banking and exchange services, cryptocurrency services, and the ability to use its credit cards at an NFT marketplace.
All US users can now access the NFT sharing option on Meta
With the introduction of the NFT sharing option to all US users of Instagram and Facebook, Meta has expedited its web3 plan. "Everyone on Facebook and Instagram in the US can now connect their wallets and share their digital artifacts," Meta said in a statement announcing the feature's global launch.
NFT owners now have the option to merge their digital collectibles on Instagram and Facebook thanks to this capability.
Although others may disagree, many experts believe that NFTs will play a significant role in digital trading in the future. It will lay the groundwork for a new digital identity yet allow you to represent yourself. However, other people firmly believe it's merely a passing trend.
It goes beyond merely digital art, although the cross-platform capability is absolutely worth mentioning. You may even use it with a variety of Metaverse apps.
Next time you see an NFT, keep in mind that they are more than just pixelated punk; rather, they are the beginning of a revolution.
For the time being, we're grateful to Meta for this new functionality and hope everything goes as intended. Keep in mind that Meta is far behind in this regard as other features become more pertinent over time. Whatever your point of view on the subject, one thing is certain. Supporters of NFT are now utilizing the notion that they have more options to pick from when making purchases and interacting with people who share their viewpoints.
First published on Dec 21, 2021
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