The good, the bad and the slow: Instagram brings NFTs into its platform
Some time ago we mentioned how early we still are in this technological revolution, and news about Instagram only now incorporating NFT into their platform is proof to this statement.
So let us tell you about what’s happening over at Instagram, and let’s talk about a few notes of interest that we have noticed about the whole situation here at MUSURE world.
Since the main features coming out are still in development, they’re not available yet to the public, and only a few selected US Creators were allowed testing access.
Instagram aims for Creators to be able to share NFTs they made or bought via the platform by connecting their digital wallet to it.
As you share the NFT, it will be posted with a shimmer effect and can display public information like its description, as well as tagging the Creator and the Collector automatically (it can also be displayed in the post, but that is subject to their privacy settings).
Instagram has declared there are no intentions of charging fees for posting or sharing NFTs this way.
This feature is powered by collecting public data from open blockchains like Ethereum, and for now the only blockchains supported in the platform are Ethereum and Polygon (with Flow and Solana coming soon). Regarding supported third-party wallets, it works with Rainbow, MetaMask and Trust Wallet (with Coinbase, Dapper and Phantom coming soon).
A second, and still in progress, feature is for NFT owners to be able to display their digital collectibles as AR (Augmented Reality) stickers in Instagram Stories.
As good as this all sounds, for a platform owned by Meta, the major company claiming to take the Metaverse to the next level, all these new features are coming quite late.
All these features are just now being tested, which means that for other users, or even Creators outside the US they will have to wait even longer to take advantage of its benefits.
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Another important aspect is the implications of a centralized platform taking this kind of action over NFTs, as how a decentralized technology like Blockchain will mingle with growing uses inside these types of platforms. Instagram has acknowledged this, but how it will be fixed or developed still remains to be seen.
Although these past few years, Instagram has been at the center of Creator’s economy controversy, we think incorporating NFTs is a step in the right direction. Hopefully, we’ll start seeing some change when the new feature eventually rolls out.
This is all very important for us because we’ve talked several times about the challenges Creators face regarding monetization. Here at MUSURE world, we’re always excited about the chance of Creators having more tools available.
The Creator’s Economy is essential to our vision and as Instagram is just starting to test these features, we offer you another option, one that can help you right now. We’ve recently launched the NFT Creators Toolkit, a great tool for you to create amazing designs and even mint them as NFTs.
The Toolkit is just the first step to helping Creators, and as we venture into the incredible world of Blockchain and NFTs, projects like MUSURE world will offer great alternatives to the traditional means of monetization.
See you soon!