Instagram planning to add NFTs: Why this could be a game changer

By Ceekz | Crypto Essential News | 18 Mar 2022


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Mark Zuckerberg the founder and CEO of Meta, the company that owns Facebook, Instagram, and WhatsApp, among others announced that they are planning to introduce NFTs on the popular photo & video sharing app Instagram.

The claim happened live during a panel discussion at the South by South West (SXSW) festival held in Austin, Texas. Furthermore, Zuckerberg added that users will be able to mint their own NFTs and it will happen in the near term. This will not be the first time that Facebook/Meta will be venturing into the Cryptoverse as for years it had been aiming to launch its token Libra / Diem and it has also co-developed the Novi crypto wallet with Coinbase.

Twitter was the first major social media platform to add NFTs. In the case of Twitter users can upload their Ethereum based NFTs as their profile picture. NFT based profile pictures have a rectangular shape on Twitter to differentiate them from regular profile pictures.

In the case of Instagram the scope and implications of using NFTs is far greater. The social media which has as a focus the sharing of photos and videos looks is a place where creators, artists, and businesses monetize their content or sell products online.

In terms of statistics, Instagram has more than 2 billion monthly active users, with more than 200 million business accounts listed on the platform. Around 62% of its users belong to the 18-34 age group, which is the most crypto savvy and dynamic population. Therefore, the potentials of an NFT marketplace being successful are quite high.

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Be it amateur photographers, bloggers, or professional influencers with millions of followers utilizing the perks of Instagram to make additional income or increase sales is an opportunity that many will not let go amiss. This could create a potential win - win spillover scenario for Meta by adding NFTs also on Facebook and WhatsApp (maybe in the form of profile pictures).

Personally, I believe that Twitter will remain the main forum for the discussion and communication of Crypto and NFT community, but Instagram can become a gateway for a lot of people to join the NFT sphere and start either minting their own NFTs or bringing more liquidity to the market. One thing is certain, Zuck and Meta are in it for the money. 

Will their venture be successful? Time will tell. They have failed a couple of times already with Libra / Diem token.
Will it be centralized and driven by greed and interest for corporate profits? Definitely, which is something that many of us won't appreciate.
Will it bring more awareness and spotlight to crypto and NFTs? Potentially yes, and this is one of few positive aspects of it.

Originally posted on my Hive blog.



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Ceekz
Ceekz

Crypto enthusiast. Following tech news, new blockchain projects, wider adoption.


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