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In a Facebook post, Mark Zuckerberg CEO of Meta announced the upcoming 2022 launch of non-fungible tokens on Instagram, and later Facebook.
The news was picked up by Yahoo Finance, Tech Crunch, The Verge and others, bringing NFTs back into the headlines at a time when the crypto markets are in a correction.
Zuckerberg commented:
‘Meta plans to bring NFTs to apps in our family. This week, we’re starting to test digital collectibles on Instagram so creators and collectors can display their NFTs on their profile. Similar functionality is coming to Facebook soon, along with augmented reality NFTs on Instagram Stories via Spark AR so you can place digital art into physical spaces.’
Head of IG Adam Mosseri also tweeted:
‘This week we’re beginning to test digital collectibles with a handful of US creators and collectors who will be able to share NFTs on Instagram. There will be no fees associated with posting or sharing a digital collectible on IG.’
In a video attached to the Tweet, he explains in detail how the creator economy is important to Instagram, and that IG aims to solve issues some creators face in making a living, through NFTs.
The ability to share NFTs that artists have made, or investors have bought, in the Instagram feed, in Instagram stories and in messaging, will be rolled out in limited beta at first over ‘the next couple of months‘ to a select number of IG accounts.
Instagram NFT Plans
Mosseri also stated in the video that:
- NFTs, blockchain technology and Web 3.0 are all about distributing trust and power to a wider community
- Instagram will start small to learn from the community as a centralized platform
- Instagram wants to embrace the tenets of NFTs and decentralization, and make them more accessible to a broader range of people
- The current ways to make money online and earn a living are unpredictable and changing rapidly
- The idea of owning a unique digital item, an NFT, is an interesting opportunity for a subset of some creators
His positive message, which showed a good understanding of the use case of NFTs, was similar to Visa’s announcement in March of starting an NFT creator program to empower small businesses to generate more revenue.
It also echoes crypto platform eToro’s announcement in April of starting their NFT patron program to celebrate NFT artists and their initiatives.
Meta NFT Partnerships
Meta Platforms Inc is the parent company of Facebook, after a rebrand following Mark Zuckerberg’s October 2021 announcement of creating a metaverse project.
Rumors of launching Facebook NFTs have been in the news since then, and now they appear ready to be implemented.
Ryan Wyatt, the CEO of Polygon studios, tweeted that they had entered a partnership with Meta ‘as they make their push into Web3.’ Polygon Studios oversees NFT projects, crypto gaming and metaverse games that run on the Polygon protocol.
Instagram NFTs will also reportedly be able to be minted on the Ethereum, Flow and Solana blockchains.
Helping Creators Make Money With NFTs
NFTs have the utility to enable artists, musicians and creators tokenize their work and verify ownership of it, helping solve copyright and piracy issues.
Instagram is one of the highest traffic social networks in the world, with over $1.4 billion monthly active users according to Statista.
Monthly social media users, in millions
Many already use the Instagram platform to promote art, music, and all kinds of business and commerce. It could launch the largest NFT marketplace in the world. In January 2022 the Financial Times reported that ‘early stage’ talks to do that were in progress.
As an interesting application of blockchain tech and a new emerging asset class, there are ways to make money with NFTs even if you’re not artistic, whether by investing in an NFT project early, or trading and ‘flipping’ NFTs. We’ve reviewed some of those on this site.
May is a big month for NFTs as one optimistic new NFT project plans to give away $1 million to an owner of one of the 10,000 digital assets in its NFT collection.
NFT Articles
Cryptoassets are a highly volatile unregulated investment product.
