While NFTs have gained some mainstream popularity, the barrier to entry remains. NFTs continue to be a mystery to many, and how to acquire them seems complicated at best, and overwhelming at worst.
Meta aims to position itself as a Web3 leader, so it’s not a surprise that they have announced its plans to launch an NFT marketplace on Instagram (IG). This is a big development for the NFT community. It will introduce a much larger audience to the world of collecting digital assets.
How will users be able to mint and sell NFTs on Instagram?
Here’s how it will work: users will be able to create an NFT on Instagram using either a photo or video. IG plans to roll out a user-friendly function that will allow users to create, showcase and sell NFTs all in one place.
Selling NFTs – otherwise referred to as “Digital Collectibles” by the team over at IG – is a new feature and is gradually being made available to more and more creators.
This move by Instagram comes as NFTs have exploded in popularity, with major platforms like Twitter and TikTok already offering similar features. It’s also a way for Meta to tap into the growing digital art market, which is estimated to be worth $69 billion by 2024.
What are the benefits of selling NFTs on Instagram?
Social media platforms like Instagram continue to dominate the marketing world as one of the best ways to reach consumers. NFTs are becoming even more popular with artists and creators looking for new ways to sell their work. Here are just a few of the benefits of selling NFTs on Instagram:
1. Save on fees: Meta plans to attract as many users as it can to its new NFT marketplace. It announced that it will waive all user fees until 2024. They also plan to cover gas on transactions “upon launch” however, it is unclear how long this perk will last.
2. Reach a wider audience: With over 1 billion active users, Instagram is one of the largest social media platforms in the world. By selling NFTs on Instagram, artists and creators can reach a much wider audience than they would if they were selling through the typical NFT channels.
3. Connect with collectors: There is a growing community of NFT collectors on Instagram that is always on the lookout for new and interesting pieces to add to their collections. By using Instagram as a sales platform, artists can connect with other artists and collectors who are interested in buying NFTs. This connection can lead to collaborations and other opportunities for both parties.
A handful of select artists were chosen to partner with Instagram and test out the new feature late last year. Among these talented artists was Drifter Shoots (as seen above) who was the first to mint and sell NFTs on the social media platform. They sold out in a matter of seconds.
Should users mint and sell NFTs on Instagram?
Though this announcement is an exciting step for the mainstream adoption of NFTs, there are inevitable pros and cons to selling NFTs on Instagram. On the one hand, it’s a huge platform with millions of users. This gives artists a lot of exposure and the potential to reach a wide audience. People also love not having to use multiple platforms and apps to consume the content they love. The idea of using IG to both watch the videos they enjoy and collect the art they admire is convenient.
On the other hand, Instagram is a massive visual platform, meaning NFTs can get lost in the shuffle of IG’s content machine. Current social media creators already complain that IG’s algorithm has made it extremely difficult to reach their audience. Because it’s such a fast-paced platform, there’s not always time for buyers to do their research before making a purchase. It is unclear whether NFTs will have distinguishing features from other content that appears in users’ IG feeds.
Launch details
The launch of an Instagram NFT marketplace is expected sometime in 2023. It will first be available to users in the United States. Polygon is expected to be the first blockchain integrated into the IG NFT marketplace. Other blockchains are expected to roll out slowly after the initial launch.
