According to a recent report, Facebook and Instagram could soon allow users to create, acquire, and sell non-fungible tokens (NFTs). Meta’s social media companies are now investigating this notion. Despite this, the plans appear to be quite ambitious: Users will be able to mint (or make) new NFTs, purchase and trade them on a specific marketplace, and use the NFTs as profile images.
At present, NFTs are all over the internet. These NFTs will only increase in number, value and social presence in the future. This makes it critical to have a centralized location to simplify the broad market. While most NFT groups are presently active on Twitter and Discord, Instagram is gearing up to make a big splash.
This means for influencers that you are looking at untapped opportunities in the immediate future. With Instagram NFTs entering the scene, a whole new evolving market is waiting for influencers to spread the word. In this blog, we tell you why you need to sit up and take notice of the Instagram NFT craze right at its infancy phase.
Influencer Alert! Factors For Instagram’s Inevitable Domination Of The NFT World
1. The Metaverse
The concept of a metaverse has recently gained traction in the gaming world because of the rise of multiplayer online games and the inexpensive availability of virtual reality technology. The parent company has made it clear that it will be Metaverse first and Facebook second.
Given that the Metaverse is built on a foundation of blockchain and NFT’s, it shows the company’s direction in the future. Inspired by the 1992 science fiction novel, Author Neal Stephenson described a virtual environment he named the Metaverse — an internet-connected, immersive construct that acted as an alternate shared reality for its members. As the internet increased in popularity, the term “metaverse” began to be used to characterize any large-scale, persistent virtual world in cyberspace.
However, these primordial metaverses are small and self-contained. The concept of a “future metaverse”, as in the case of Instagram NFTs, is even grander.
2. “Collectible” label
In July, Alessandro Paluzzi, an app developer, said that Instagram was considering releasing its non-fungible tokens as part of its Collectibles project.
According to Paluzzi’s tweets, Instagram posts offering NFTs may include a label “Collectible” to inform users about the NFT they bought. Crypto collectibles are one-of-a-kind assets created on the blockchain as NFTs that anybody may acquire. They are frequently restricted and sell for a high price because of blockchain technology. This makes them scarce, and the human psyche values scarcity.
3. New features
There have been no official statements from Instagram yet, but this might be a way of acknowledging Adam Mosseri’s statement that creators will be able to make a living off Instagram.
New Instagram features like Playback, Reels responses, and Profile Embed have all been created with NFT functioning in mind.
Users can share their favorite stories from 2021 and watch them again in a montage using the IG playback feature. The Reels visual replies tool allows users to make a comment and turn it into a reel. Instagram is expanding the ability to embed photographs, and videos from websites to user profiles with profile embed.
4. Buy, Sell, Trade
Both Facebook and Instagram are currently designing and “readying” features that will allow users to display NFTs as their profile pictures and a prototype system that lets users mint new NFTs on either platform. There is also apparently internal discussion of supporting a marketplace for users to buy and sell NFTs. A lot of money is moving hands in the area right now, as it is with so many other blockchain-related items, with some NFTs valued in the millions of dollars.
As a result, it’s only natural for Meta to try to cash in on the growing interest in NFTs by incorporating them into its properties.
5. Rise of firms like The Sandbox
The gaming industry is investing a growing amount of money into blockchain-based initiatives, particularly in developing metaverses that will improve the entire gaming experience. Among all of the buzz, one of the most popular gaming blockchain-enabled projects is The Sandbox, which provides players with a unique virtual experience and allows them to unleash their imagination and creativity by contributing to the virtual world and gaming merch, which are all based on NFTs.
The Sandbox is a play-to-earn game that uses blockchain, DeFi, and NFTs in a three-dimensional metaverse to allow users to create and personalize their games and digital assets using free creative tools. Crypto-focused firms like The Sandbox aim for “decentralized” virtual worlds and already have a massive online community.
Social Media Will Be A Key Player
Meta’s support for NFTs may serve to lend some credibility and security to a system that is frequently chastised for lacking both. When it comes to NFTs, ownership is sometimes misinterpreted or miscategorized, but if Facebook and Instagram issue a tag that validates real “ownership” of an NFT, it might make them look more valuable.
Social media and especially Instagram NFT influencers will play a key role in marketing the product and educating those who are yet to understand the wide world of NFTs, crypto, and blockchains. As influencers, you can explore a new market and build a following for yourself in the process. Brands like Coca-Cola, Samsung, etc., have already started getting their feet wet into NFT marketplaces. It won’t be long before brands come looking for influencer collaborations.
Dear Influencer, will you be ready?
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