A recent report by Coindesk reveals that Meta’s Instagram is set to integrate Non-Fungible Tokens into its social platform. This means that users can showcase their blockchain art after verifying ownership.
To verify ownership, users would have to connect their wallets. The wallet Instagram supports, according to Coindesk, is Metamask: a software cryptocurrency wallet used to interact with the Ethereum blockchain.
Instagram announced that it would allow users to do this for free. Users can also tag creators of their NFTs after verifying ownership.
How Instagram Plans To Integrate The NFTs
The top social media platform grossing over 1.4 billion active users monthly stated that it would allow Ethereum, Solana, Flow, and Polygon NFTs to be integrated with their platform. There is however no indication that they would allow all four immediately.
The feature will be tested by U.S based NFT enthusiasts, says Instagram. Testing of the feature would also be free. There’s also news that Instagram would allow minting and group membership options for users through Facebook.
Is Instagram The First Social Media Platform To Integrate NFTs?
No, Instagram is not the first social media platform to integrate NFTs into its platform. Social platforms like Tiktok and Twitter have also integrated NFTs into their platform. Let me explain how:
1. TikTok: Inspired by the creativity and innovation of the TikTok creator community, TikTok announced in September 2021, that it would explore the world of NFTs as a new creator empowerment tool. NFTs, according to TikTok, was a new way for creators to be recognized and rewarded for their content and for fans to own culturally-significant moments on TikTok.
Like Instagram, Tiktok integrates NFTs through the Ethereum blockchain using Immutable X. Selected TikTok’s top creators sell their content at an auction to the highest bidder. These NFTs can be later resold on OpenSea or Token Trove. The last auction was seven months ago.
2. Twitter: This year, on the 20th of January, Twitter announced that users can now upload NFTs as their profile pictures. To do so, users would have to connect their wallets to confirm ownership. After choosing their NFT of choice, users can then set their profiles. Followers can click the NFT profile picture and see full details on the art description.
This feature is still available and you’re likely to find them on your Twitter feed because they are displayed in hexagonal format and not the regular circular shape.
What Social Media Platform Would Follow Instagram’s Move To Integrate NFTs?
The next social media platform to watch out for after Instagram is META’s top social platform, Facebook. Facebook has a grossing number of over 2.4 active billion users monthly. The social media giant has already announced plans to allow users to showcase their NFTs as part of their display picture by Mid-May.
What Are NFTs And What Impact Would They Have On Instagram Or Other Social Platforms?
NFTs are Non-Fungible Tokens. It’s a term used to represent anything digital on the blockchain with a unique block code that can’t be duplicated.
NFTs can be anything, from music to art, to videos, buildings listed on the blockchain, etc. The only criteria required is that it’s non-fungible which means it cannot be duplicated.
Cryptocurrencies, for example, are fungible. One bitcoin in my blockchain wallet can be sent to your blockchain wallet. It’s the same Bitcoin coming to you, with the same value. But NFTs are not like that. The value of one NFT is not equal to the other. NFTs have a unique value and their worth is determined based on the user’s perspective.
For social media platforms, like Instagram, the integration of NFTs would allow content creators and digital artists to monetize their content and prove ownership of their works. It would also provide creators with bigger platforms for advertising and marketing their works. Lastly, it reduces intellectual theft because creators can be tagged to their NFTs.
Instagram is one of the best social platforms for content creators and this would be beneficial to their users. It is expected that this should improve the user experience appropriately.