Meta Pushes Instagram NFTs… But Who’s Buying Them, Anyway?
Meta is set to expand the rollout of NFTs across its platforms, starting with creators-favorite, Instagram.
NFT sales are vastly lower now than during the January 2022 NFT boom. However, Meta’s overall stance towards the metaverse, digital content, and so-called Web3.0 sees the company pushing on with its plans to better integrate digital assets into its platforms.
The big questions are, who really wants NFTs on Instagram bar Meta? And does the world really need yet another NFT marketplace?
Meta Pushes NFTs
Instagram users can alreadyshowcase NFTs on their profiles. It’s still a relatively niche feature among Instagram’s 1 billion or so users, but Meta has made no secret about its interest in pushing this further.
AtMeta’s Creator Week event, it was revealed that Instagram users will now have the option to buy and sell NFTs direct on the platform. To facilitate this, Meta is rolling out what it calls “an end-to-end toolkit” for creators.
Instagram’s NFT platform isbuilt on the Polygon blockchainbut will also expand support to the Solana blockchain and the popular Phantom wallet, broadening its overall reach and appeal.
Why Is Meta So Interested In NFTs?
Well, something that all social media networks have to contend with is monetization. Sure, platforms like Instagram and Facebook make money selling ads, but for many users, the whole reason for being on the platform is content. Helping content creators monetize their followings is an important digital nut to crack, and Meta knows only too well that keeping content creators onside and keeping their bank accounts ticking over is vital for driving engagement.
Rolling out NFT sales on Instagram gives people a direct method to support their favorite content creators. Instagram’s new NFT features are “being tested with a small group of creators in the US first,” though we expect a rapid rollout once the feature goes live.
Meta may also have noticed the success ofReddit’s NFT Avatars, with collections featuring Reddit’s Snoo mascot now worth hundreds of millions of dollars across established NFT marketplaces like OpenSea. While the initial hype surrounding NFTs has died down, many expect a second, more mature phase to follow, and movement from large social media outfits like Meta and Reddit could well be what springboards that second cycle.
Can Instagram Compete With the Established NFT Marketplaces?
Despite Instagram’s global reach, there is no guarantee that its user numbers alone will make it a success in the NFT space. Established NFT marketplaces likeOpenSea, Rarible, and SuperRarehave smaller but dedicated followings, and for many, there are trust issues surrounding Meta and its associated platforms.
However, that supposes Meta is targeting those users. If Meta can convert even a fraction of its Instagram users into buying NFTs, it stands to become a significant player in the world of NFTs. As reported byEngadget, Meta has said, “It won’t take a cut of NFT sales until 2024,” though the Apple App Store’s 30% cut will still apply.
Would You Buy an Instagram NFT?
For many, NFTs remain an enigma: Digital artworks with zero use that cost thousands of dollars that you can right-click and save to make a copy of. And while Meta’s stock may have fallen, its platforms still hold considerable sway when it comes to social media and the world at large. So don’t bet against Instagram’s NFT plans just yet.
If you’re looking to mint your own NFTs with minimal commitment, check out some of the services that let you do so for free.
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