Instagram is stepping into the NFT domain—how will this influence the broader adoption of Web3?
Meta has announced its intention for Instagram to start featuring 'digital collectibles' as part of a strategy to foster a new creator economy. economy While the company has faced criticism for privacy concerns, it genuinely believes in the potential of blockchain technology, asserting that Web3 can give creators worldwide newfound authority. Furthermore, Meta plans to introduce digital collectibles on Facebook down the road.
Adam Mosseri, the CEO of Instagram, stated NFT trials will commence this week, but they are currently restricted to a selected group of users in the United States. Importantly, there will be no costs involved for sharing or posting digital collectibles on Instagram.
What will NFT implementation on Instagram look like?
Twitter was the pioneering platform that permitted the display of verified NFTs in a distinctive hexagonal format. profile pictures Reddit is preparing to adopt a similar functionality. However, Instagram has its own unique vision.
Instagram intends to incorporate Augmented Reality (AR) NFTs, enabling users to enhance their stories using Meta's Spark AR platform. As Mark Zuckerberg noted, explained this will allow users to project digital art into 3D environments and overlay it onto real-world settings.
The app will support NFTs created on the Ethereum and Polygon blockchains, with plans to integrate Flow and Solana later. Additionally, Meta will also accommodate MetaMask and other cryptocurrency wallets.
The company has already shared a demonstration featuring artist OseanWorld, showcasing a preview of what Instagram's feed might evolve into:
What’s wrong with Instagram’s NFTs?
There's some contention around the notion of Instagram being a fully centralized entity.
Bitcoin was launched to liberate users from centralized financial systems, and blockchain technology promised to restore power back to the individual. Therefore, it's no wonder that Web3 is viewed as a haven for advocates of privacy and self-governance—something Meta struggles to embody.
Moreover, NFTs are not just about digital artwork. They can serve multiple roles such as collectibles fostering a sense of community, offering exclusive memberships, functioning as tickets, replacing traditional lending models, and even tokenizing property rights. NFTs can also play roles in play-to-earn gaming experiences, and provide virtual outfits for avatars within the metaverse. However, it appears Instagram aims to use this technology primarily for creative expression.
"I really don’t believe that the potential of NFT technology aligns well with the goals of social media. The future applications of NFTs are extensive, reaching far beyond platforms like Instagram. In fact, integrating NFTs into such centralized services may not be sensible at all. In the current phase of technological evolution, GameFi seems to be one of the most promising and relevant applications of this technology,\" stated Anton Link, co-founder and CEO of UNITBOX DAO.
Hugo Feiler, co-founder and CEO of Minima, a decentralized information network, echoes these sentiments:
"While NFTs operate outside of central control and boast benefits like being tamper-proof and universally accessible, Meta’s approach to embedding NFTs within their platforms demonstrates a misunderstanding of the technology's core purpose. Blockchain was never intended to be exploited by a handful of powerful entities to enhance their platform's profitability through advertising revenue. When harnessed correctly, it should empower a diverse array of people—from artists to enthusiasts.”
Concerned voices regarding a Meta NFT marketplace are making their presence known.
"The NFT marketplace is largely characterized by wash trading—the transaction volume is predominantly artificial. Many companies are diving into NFTs, attracted by the allure of easy profits. But honestly, the market is pretty much non-existent. Most of the buzz you hear is marketing driven, primarily stemming from celebrity agencies with stakes in NFT platforms,\" remarked a blockchain technology writer. \"The general sentiment against NFTs is quite strong, with consumers across various sectors showing a significant disdain for them, leading many artists and companies to reconsider their involvement. Even crypto-focused enterprises like Coinbase's NFT platform are struggling to gain traction. NFTs simply don't have a consumer market; all we see is hype. Therefore, an NFT marketplace on Instagram is unlikely to succeed unless Facebook artificially stimulates the trading activity.\" David Gerard Instagram boasts around one billion monthly active users, indicating that the platform has the potential to usher a massive audience into the realm of Web3. If Meta does launch an NFT marketplace, might Instagram surpass OpenSea, currently the leading NFT platform with over 1.5 million users?
Leon Wang, CMO of ChainXGame, shared his perspective with Metaverse Post, noting that NFTs fundamentally complement social media platforms since NFT technology is designed to facilitate the creation, collecting, and trading of personal assets in a decentralized landscape. This technology inherently promotes individuality and innovation, both of which are attractive to social media users. active users .
Wang also mentioned that NFTs could enrich Instagram’s content offerings, as many digital collectibles are aesthetically pleasing and align well with the platform’s visual nature. Furthermore, the user engagement on Instagram can help NFTs leverage exposure across different communities.
Vishal Shah, Meta's head of Metaverse products, remarked on the incorporation of NFTs into social media: “This will streamline the process for individuals looking to sell limited edition digital items like NFTs, exhibit them in their digital environments, and even securely resell them in the future.”
Mark Zuckerberg showcases Meta's Project Cambria VR headset in an oddly blurred video. thinks The first NFT on Instagram has officially launched.
We’ll see.
Read related posts:
- Zuckerberg has confirmed that NFTs are set to debut on Instagram in a matter of months.
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- Agne is a journalist focused on the latest trends in the metaverse, AI, and Web3 sectors for Metaverse Post. Her enthusiasm for storytelling has led her to engage with numerous experts in these fields, always on the lookout for captivating narratives. She holds a Bachelor’s degree in literature and has a rich background in writing about a diverse array of topics such as travel, art, and culture. Additionally, she has volunteered as an editor for an animal rights organization, working to raise awareness about issues related to animal welfare. You can reach her at
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