Meta announced its NFT expansion on Instagram in over 100 countries. But what does it mean for creators and collectors?
Latest update 09/30/2022
All Facebook and Instagram users in the U.S. can now connect their wallets and share their NFTs. These users also have the ability to cross-post their NFTs across both Facebook and Instagram.
Users from more than 100 countries worldwide can showcase their NFTs on Instagram – the social network with 1.21 billion monthly active users. The digital collectibles will be minted by users on Ethereum, Polygon and Flow.
But what does this mean for the NFT space? How does the community benefit from it? Let’s dive in!
Showcasing NFTs on Instagram
If you’ve been following the latest news, you know that Social Media Platforms are jumping into Web3. And Instagram, one of the most popular networks in the world, is not lacking in adhering to innovation.
Since May 2022, a select number of Instagram users have been able to connect their accounts to a crypto wallet like Rainbow, MetaMask, and Trust Wallet. This allows them to showcase their NFTs on Ethereum, Polygon, and Flow networks.
When browsing your Instagram feed, you can come across an image of an NFT collection – which will be duly noticed with the official emblem.
Thanks to its integration with the blockchains, Instagram will automatically tag the creator and collector of the asset posted.
Who can access NFTs on Instagram?
In May 2022, Meta announced the introduction of digital collectibles on Instagram in the United States. As of August, another 100 countries in the Americas, Asia, and Africa have joined the list.
Even though European users cannot yet integrate their wallets and use this functionality entirely, they can still spot NFTs on Instagram.
What are NFTs?
NFTs stand for non-fungible tokens. Each NFT is stored on a blockchain with smart contracts, meaning their uniqueness is guaranteed. NFTs are one-of-a-kind digital assets that can’t be replaced.
In 2021, the NFT market had its first boom, as you can read in the DappRadar Industry Report. Headlines about big brands and Hollywood celebrities adhering to the NFT hype helped the NFT community to grow but are not all that NFTs are about.
NFTs as collectibles are the most popular types, but they can also be used to represent other digital assets, such as in-game items, artworks, or even real-world assets like land or a car.
We are still in the early stages of NFT adoption, so we have yet to see all the potential use cases for NFTs. However, there’s no denying that NFTs are on the rise and that they are here to stay.
What are the benefits of NFTs on Instagram for collectors?
Among the many reasons people have NFTs is the representation of their personal identity. Instagram is one of the best social networks to do this.
It’s not surprising, then, that many NFT collectors see the ability to share their digital collectibles with their followers as a considerable advantage.
With all its copy-proof blockchain uniqueness, you can share your NFT on Instagram – not just the image or video representation, but the NFT itself.
What do creators gain from NFTs on Instagram?
Today’s most prominent NFT artists aren’t all taking advantage of Instagram yet, but they’ve had a community on Twitter, for example.
An artist like Beeple was even big on Instagram before he became successful with NFTs. Instagram and visual content creation are therefore closely connected, and NFTs add digital authenticity to that.
Still, social networks like Instagram are much more inclusive to the general audience. Having your work there can increase your reach even further – out of the crypto bubble.
This integration of NFTs with Meta can symbolize, as the official announcement says, “improve the experience, help them create more monetization opportunities, and bring NFTs to a broader audience.”
How exactly the network aims to do that is yet to be seen.
How DappRadar can take your NFT experience to the next level
Although Instagram is breaking barriers by entering the NFT space, there’s still a long way to go until we can see a significant impact on collectors and artists.
Finding NFT collections and managing your portfolio well, for example, are other essential features for any collector.
That’s why DappRadar created a Portfolio Tracker, where you can connect your wallet to manage all your NFT collections and crypto portfolio.
Carry your Web3 journey with you
With the DappRadar mobile app, never miss out on Web3 again. See the performance of the most popular dapps, and keep an eye on the NFTs in your portfolio. Your DappRadar account syncs with our mobile app, giving you soon the option to receive alerts live as they happen.
We at DappRadar will continue to follow the news on NFTs on Instagram and how the industry develops.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your own research.