Instagram To Evolve Into A New NFT Exchange

Instagram has always been about visual storytelling. It started off as a photo-sharing app and was recently upgraded with the Reels feature to compete with TikTok. As this platform is truly powered by its creators, it was only a matter of time before Instagram explored another image-based media.

The Next Step for Instagram

On May 10, 2022, Instagram’s parent company, Meta, announced a certain crypto ecosystem would be integrated into the platform. IG would allow creators to mint, trade, and sell non-fungible tokens (NFTs). These collectible digital images saw $17 billion worth of transactions from 2020-2021, and are a natural fit to integrate into Instagram.

Brand Building for Creators

All digital art will be automatically tagged, ensuring creators get their due credit. As the NFTs can be sold or traded, it provides the artists with revenue and recognition. This will also create invaluable networking opportunities and allow creators to showcase their work on a global scale.

Designers will not only be able to build their brands, but they can do so at no charge. Followers are a built-in audience, plus there will be no charges to trade NFTs. Gas fees for sales are on hold until 2024 to help buyers and sellers maximize these transactions.

The Rollout

This program was tested with selected creators in the United States. The accounts included @bluethegreat, @bossbeautiesnft, and @nopattern. In August, NFT support was expanded to over 100 different nations, and Meta CEO Mark Zuckerberg marked the occasion by turning his childhood little league card into an NFT.

The Process

Meta will provide NFT creators with an end-to-end toolkit that will take them through the entire process of bringing an NFT to life. The digital image will reside on the Ethereum, Polygon, Flow, or Solana blockchain. After the token is minted, the toolkit will provide all necessary resources for showing and selling.

The Advantages

The primary advantage of this program is to let creators display and monetize their digital art. Even private profiles will only have to adapt a degree of public exposure to participate in this next step for Instagram. For those who do not want to trade or sell but at least support, a tipping feature is slated to go live soon. Instagram is no longer a photo app but a full-fledged entertainment platform. As it celebrates the art of wordless storytelling, NFTs were an inevitable addition to one of the world’s most popular apps.

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