Instagram appears to be working on implementing NFT features on its app according to mobile developer and leaker Alessandro Paluzzi.
Instagram Is Getting Into NFT
According to leaker and mobile developer Alessandro Paluzzi, Instagram, one of the most popular photo and video sharing social networking platforms, is planning to adopt its version of non-fungible tokens (NFT) soon. The mobile developer has a knack for finding mobile updates ahead of time.
According to Paluzzi, both Instagram and Twitter are planning major changes to their current offerings, with Twitter considering two new services via Chipper Cash and Wealthsimple. Instagram is still working on Collectibles, according to the mobile developer. He said, “Here’s the onboarding screen.” According to Paluzzi’s research, Instagram posts offering NFTs will be labeled as “Collectible.” This will alert users that the post contains a purchaseable NFT.
#Twitter is working to support two new services for Tip Jar: #ChipperCash and #Wealthsimple 👀 pic.twitter.com/nWUkqtz9kv
— Alessandro Paluzzi (@alex193a) July 4, 2021
Despite the fact that Instagram has yet to publicly announce the introduction of an NFT feature on its platform, the social media firm has apparently mentioned the possibility of introducing payment features. In previous talks, Instagram’s CEO, Adam Mosseri, discussed technologies that may let creators make a living using the service.
Mosseri mentioned how the firm could support creators with revenue options while speaking at Instagram’s Creator Week in early June. “One is commerce, so either we can help with branded content or we can do more to aid with commerce. We have additional options when it comes to affiliate marketing and merchandising. The next step is for users to directly pay authors, whether through gated material, subscriptions, tips, badges, or other user-paying goods. He stated, “I believe there is a lot of ground to cover there.” Mosseri went on to say that he prefers them because they allow producers to have a direct contact with their audience, which is likely to be more sustainable and predictable over time.
Instagram could be looking at offering a paid service for exclusive fans of Instagram creators. Similar to that of Patreon and Only Fans. The ability to implement payment methods and monetization tools on Instagram would easily allow for the sale of NFTs on the platform.
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NFT Market Is Booming
This year has been a big year for non-fungible tokens (NFTs), and Instagram’s decision to add NFTs to its platform might be momentous for the industry. The NFT market is flourishing this year, with sales of more than $2.5 billion so far this year, up from $13.7 million in the first half of 2020. Some consider NFTs to be collectibles with intrinsic worth due to their cultural significance, while others consider them to be an investment.
If the organization can add payment mechanisms and monetization capabilities, NFTs on the social media platform will quickly gain traction and impact revenue.
Related article | Marvel Announces NFT Digital Collectibles In Collaboration With Veve
Featured image from Pixabay, Chart from TradingView.com