Not Facebook, or the popular communication app WhatsApp, Instagram is the most anticipated Meta’s child company when it comes to non-fungible tokens (NFTs).
Expectations can be a good place to start, and Meta has recently stepped up in this NFT game with the latest announcement.
Instagram is working on the integration of non-fungible tokens (NFTs) from leading blockchains including Ethereum, Solana, Flow and Polygon.
Here Comes Instagram!
The social giant plans to disclose more information on the plan’s pilot scheme earlier this week.
The report underlines a couple of key information. First, Instagram’s initial target audience will be NFT advocates in the US.
The company, however, gives no further detail on the supporting platforms during the pilot.
Given that the platform will support NFT functionality, users can display and share their NFTs on the social channel without any additional charge.
In addition to NFT implementation, Instagram also plans to add major crypto wallets such as Metamask to the social platform, as confirmed by the team.
Users are required to have their wallets integrated to the platform before moving forwards to the next steps.
In March, Meta’s CEO Mark Zuckerberg announced in the South by Southwest conference that the company planned to add an NFT feature to Instagram, noting that everything was in the works and users will soon be able to mint NFT on the platform.
“I’m not ready to kind of announce exactly what that’s going to be today. But over the next several months, the ability to bring some of your NFTs in, hopefully over time be able to mint things within that environment,” Zuckerberg said.
Following Twitter and Reddit, Instagram is the next big social media platform to integrate NFTs.
Unlike Twitter, users can enjoy the unpaid services in the pilot project. With more than one billion users interacting with the platform each month, this move is expected to place Instagram in a favorable position and to drive mass adoption of NFTs.
Recently, Reddit had undertaken the NFT integration pilot project while YouTube was considering working on Web3.0 technologies, with NFTs as an important part of money-making methods for creators.
Instagram absolutely has its own orientation and its user base will surely be a factor that makes the path to goal more exciting.
Meta Will Need To Set The Right Expectations
Everything Meta does, Meta does it for the Metaverse. NFT integration on platforms such as Meta and Instagram is setting the framework for that ambitious aim.
For a long time, Instagram’s parent company, Meta, has been revealing other blockchain-related ideas.
When Facebook rebranded as Meta last year, business interest in the metaverse increased. Meta may soon allow minting and group membership, according to speculations. Meta reportedly intends to launch a virtual currency called Zuck Bucks.
Since the beginning of the year, Meta has consistently announced new plans and projects related to Metaverse, which will be the center of development in the hope of bringing the firm to the forefront of the market and rebuilding the trust of this social network, which is degrading day by day.
Meta has lost a third of its market value following disappointing financial results. In 2021, the corporation received further dismal news as its virtual reality lab branch lost $10.2 billion.
This, however, does not discourage Meta’s determination to build the Metaverse infrastructure and its future ambition to dominate the virtual reality world.
Meta, on the other hand, should proceed with caution.
Despite the fact that Instagram has a large user base, it’s difficult to know if users care about the integration. Furthermore, Instagram has received numerous complaints about the platform’s fast upgrades.
The upcoming NFT integration is a bold move that, if successful, will elevate NFT capabilities to a whole new level – the mainstream that not only NFTs, but the entire cryptocurrency market, are aiming for.
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Author: Nicholas Say