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After hitting the $41 billion mark in 2021, the NFT marketplace is making its way to the world’s biggest social media platform, Instagram. NFTs on Instagram is nothing less than a dream for artists as well as collectors.
Meta CEO, Mark Zuckerberg shared the news on his official social media handle indicating the testing of NFTs on Instagram. The NFT community is going crazy over the idea of flaunting their NFT collections on Instagram.
NFT is about to go even bigger.
A Non-Fungible Token (NFT) is a tradeable financial asset that consists of digital data. An NFT is stored in a distributed ledger called a blockchain, making it geographically spread across the globe. You can access information about an NFT’s ownership, creator, etc. independently.
Unlike crypto, NFTs are uniquely identifiable. Every NFT holds a different market value depending on the digital file it represents. Therefore, you can not interchange your NFT with another NFT.
Instagram will start testing this new feature on a small number of NFT enthusiasts. But, you will find NFTs from the biggest blockchain networks like Ethereum, Solana, Polygon, and Flow blockchain on Instagram soon.
Despite being a centralized platform, Instagram is planning to learn from the NFT community and enhance the cultural visibility of NFTs on the Internet.
As of now, Instagram is focusing on the display of NFTs. However, the involvement of third-party wallets like Rainbow, and MetaMask is pointing towards an NFT marketplace on Meta apps. If everything goes well, you might get access to Coinbase, Dapper, and Phantom on social media itself.
Instagram has always been a free-to-use social media platform, and Meta wants to keep it that way by exempting any charges for displaying NFTs.
How will NFTs on Instagram benefit you?
This announcement from the tech giant is grabbing the attention of all internet users. Even people with no NFTs in their possession are looking forward to this new update. So, what are the benefits you might sow after the worldwide release of this feature?
- Meta is a cluster of the biggest social media networks in the world. Once NFT is available on Instagram, it will slowly make its way to Facebook, Messenger, and Whatsapp as well.
- Meta is a Metaverse. Having NFTs on their platform hints toward augmented reality NFTs or 3D NFTs. You might get a chance to project them in physical spaces.
- As of now, NFTs are limited to virtual marketplaces like OpenSea and Rarible. Meta being the biggest social media platform holds billions of users. It will give a huge arena for NFT creators to buy, sell, and showcase their collections.
- The biggest reason for the existence of NFTs is the pride of possessing a valuable financial asset. Instagram can be the perfect platform for flaunting your NFT collection.
It is just the tip of the iceberg. There are many other benefits you might see after the final testing of NFTs on Instagram.
This is the perfect time for Instagram to pick a flexible financial asset like NFT. In the last few weeks, the NFT market collapsed considerably. This new feature might restore the NFT to its glory days by increasing engagement and accessibility. In the near future, Meta might become a full-fledged NFT marketplace.