According to the mobile developer and leaker Alessandro Paluzzi, Instagram appears to be working on implementing NFT functionality in its apps.
Paluzzi commented on his results on Twitter and showed possible updates for Twitter and Instagram. Both platforms seem to be expecting big updates for their current products. Twitter may want to add two new services in Chipper Cash and Wealthsimple.
More importantly, Paluzzi mentioned that “Instagram is still working on collectibles. According to the developer survey, Instagram posts that provide NFTs are marked as “collectibles”. This indicates to the user that there are NFTs available for purchase in the post.
Instagram has not publicly announced the launch of NFT products on its platform. However, the company has mentioned that it may be able to add payment functionality to the platform. Adam Mosseri, the head of Instagram, previously talked about tools that can help content creators make a living using the app.
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Instagram Discusses Monetization For Creators
In early June 2021, Mosseri spoke at Instagram Creators Week, where he talked about how Instagram can help creators through monetization tools. He added that more can be done in affiliate marketing, retail, merchandise, and branded content. Mosseri added that the platform is looking for ways to pay for content creators directly. However, it could be gated content, subscriptions, or tips like badges or other ways of paying for products for users. He added that this feature will create a way for content creators to build a direct relationship with their fans.
Instagram may be considering a paid service for exclusive fans of creators similar to Patreon and Only fans. Furthermore, the ability to implement payment methods and monetization tools on the social media platform makes it easy to sell NFTs on the platform.
The top social media platform has not confirmed any plans published by Paluzzi. However, the potential of introducing NFTs on one of the largest social media platforms could have a huge boost for the entire industry.