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With 2 billion users, Instagram is a true social media giant. Now, the platform wants to introduce its massive audience to NFTs.
Instagram’s CEO Adam Mosseri confirmed that the social media platform was working to integrate NFTs. In a Sunday Q&A, Mosseri answered an essential question about NFTs. The CEO confirmed that they are “actively exploring NFTs” and looking to make them more accessible.
Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a broader audience. I think it is an interesting place that we can play and also a way to hopefully help creators.
The latest comments are not the first news that Instagram is working on NFTs. In June, developer Alessandro Paluzzi made a Twitter thread about Instagram’s work on “Collectibles”. Namely, posts with collectibles would have a label attached to them. In turn, those posts would integrate with digital wallets.
The same developer revealed that the platform continued to work on NFTs in October. So far, Instagram has supposedly added Coinbase, Trust Wallet, and Novi integrations.
Likewise, digital artist Sean Williams tweeted about Instagram building an “NFT platform” in May. He also claimed that Instagram was reaching out to creators and NFT artists to share their ideas.
With or without the integration, NFTs are blowing up on Instagram. The platform has over 1.7 million posts with the #nfts hashtag.
Metaverse and NFTs
Facebook (now Meta) that bought Instagram in 2012 for $1 billion is now pivoting to the metaverse. In this new virtual space, NFTs will be critical. They will work as proof of ownership over digital assets. This, in turn, will drive the development of blockchain tech, for which NFTs are an essential use case.
Corporate acceptance is also crucial for NFTs. However, giant companies are all too eager to jump on the trend. For example, social media giants Discord and Twitter hinted at future possible NFT integrations. Namely, both would allow users to link their wallets and prove ownership of their NFT profile pictures.
However, tech companies are not the only ones pivoting to NFTs. Companies from Coca-Cola and Pepsi to Budweiser are all jumping on the tech. In addition, Nike recently bought out an NFT company designing virtual shoes. On the other hand, Adidas partnered with the Bored Ape Yach Club.