This year, NFTs officially because a billion-dollar industry and Instagram wants a piece of the pie. The photo and video-sharing social media platform is exploring the market for NFTs!
Adam Mosseri, the chief in charge of overseeing all the functions of the application, shared that they are also evaluating the possibility of integrating NFTs into the platform to make them more accessible. With over 1.074 billion+ downloads under its belt, Instagram is the perfect vehicle to push for mass adoption and ease of use!
He added that Instagram’s main driver is to help artists and other NFT creators.
Instagram’s NFT Plans
Let’s backtrack a little and rehash what we know so far about Instagram’s NFT Plants. Mosseri made it clear that “there is nothing to announce yet.”
Digital artist Sean Williams revealed Instagram’s plan to support NFTs as early as May this year. At that time, he asserted that the company had plans to launch a space, in its user interface, for the creators of NFT to exhibit their works. So it’s still very much in line with the app’s core functionality, except now the photos are also NFTs.
Then, last July, Instagram app developer Alessandro Paluzzi mentioned the possibility of the app allowing NFT sharing. He said that in the future, users would be able to label their content as collectible to alert other users that this digital piece belongs to them.
Instagram working on NFTs is actually a natural progression for the company. After all, the parent company Facebook rebranded itself to Meta. Facebook CEO Mark Zuckerberg earmarked a budget of $10 billion in the next year to develop the technologies needed to build the Metaverse.
How are Social Media Platforms Taking the NFT Boom?
Instagram and Facebook are not the only social media sites recognizing the potential of the Metaverse. In fact, Microsft also unveiled its plans to hop into the Metaverse bandwagon. It plans to launch Mesh for its video conferencing platform, Teams, in early 2022. Mesh, the company said, will allow people to create “a shared sense of presence on devices.”
Twitter is also on the move! In response to the NFT boom, the platform formed a new dApp department. The group, dubbed Twitter Crypto, will be led by Tess Rinearson, who has been asked to “set the strategy for the future of crypto at Twitter.”
Reddit also created quite a stir when it posted a job vacancy for a senior backend engineer. The opening was for a platform responsible for “millions of users to create, buy, sell and use NFT-backed digital goods.”
Finally, we can’t close this list without mentioning Discord. Discord has now backtracked on its plans to introduce NFTs to its platform despite previous hints from the CEO, Jason Citron. This change comes after outrage from many users who are critical of the environmental issues that NFTs can come with.