Will Instagram become the Amazon of NFTs?
Mark’s roadmap to XR is quite visible after Instagram’s CEO, Adam, shared the plans of using the platform as an NFT marketplace. Instagram incorporates NFT features and masses are swooning over the statement! Adam’s statement indicating the expanded role of Instagram in the VR world is serving as the highlight of major tabloids where everyone is curious to know how things will start unfolding after making Instagram an NFT marketplace.
After the parent company of Instagram, Facebook successfully rebranded itself as Meta and launched its first Metaverse game, Instagram too follows the lead. So? How will the NFT bidding and trading take place on Instagram? Where will Instagram store these NFTs? A possible room for its own blockchain? Payments in Crypto or Cash? There are so many unanswered questions that we’ll uncover shortly!
Instagram has revealed plans of incorporating NFT features in it, providing a much-needed space for digital artists to mint and sell their own NFTs. With Instagram’s venture into NFT trading, NFTs will become more accessible to the masses.
So without further ado, let’s jump onto Instagram’s venture into NFT trading and how everything’s going to unfold!
Instagram And NFTs | Instagram Incorporates NFT Features
In an Ask Me Anything (AMA) session held on Instagram by Instagram’s CEO, Adam Mosseri, informed the audience about the current plans of Instagram over expanding its platform to NFT or Non-Fungible Tokens.
Quoting the exact words of Adam, “we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience”, we can see that major changes are underway for Instagram even though no official announcement has come out yet.
Adam also added a renewed hope to creators by saying “I think it’s an interesting place where we can play, and also a way to hopefully help creators.”
The vision of the parent company, Meta, seems to be slowly finding its way into subsidiaries and it isn’t a surprise that this is actually happening. Mark’s plans to make an Extended Reality encompassing every domain of virtual reality are slowly taking roots.
The roadmap to Instagram and NFTs isn’t clear as of yet but this doesn’t stop us from asking important questions that are at the back of the mind of everyone right now. NFT might only be a start followed by Crypto and Metaverse. This can be the next possible route for Instagram, even though nothing can be said as of now.
We are well aware of Metaverse giants, The Sandbox and Decentraland, right? What will happen to them once big tech companies like Meta and huge social media giants like Instagram start turning towards Meta? Will it be a new reality where old biggies will be displaced to give route to new? Well, who knows! But one thing is sure, we have something huge coming up!
Instagram: An NFT Marketplace
The hype of NFTs is on the record high and it is quite apparent looking at the rising prices of the same. With major companies venturing into NFT collectibles and making soaring profits in the same, it isn’t unexpected that Instagram wants to ride on the trend too and be on par with the major companies.
So? Will Instagram become the Amazon of NFTs? Let’s see!
For Instagram to become an important NFT marketplace, the platform has to meet the level and even surpass the leading NFT marketplace like OpenSea which offers secure trading in NFTs. To widen the reach of the same to an expanded audience where everyone can create, explore and trade NFTs, Instagram should be prepared to explore and even expand the world of NFTs to what we know now. And here comes the other question!
Will Instagram develop its own Blockchain for secure trading of NFTs and will it be open to Metaverse cryptocurrencies? Well, the answer here would be- “it has to!” In order to provide a secure platform for NFT creators and collectors, Instagram would either make use of other existing Blockchains or make its own.
We all know that Ethereum Blockchain is popular for Metaverse and NFT trading, right? So? Will Instagram incorporate the rock-solid support of Ethereum blockchain in its NFT marketplace?
Mr. Adam, we’re eagerly waiting for clarification!
Now coming back to Instagram as an NFT marketplace and trading platform! How will things unfold and what kind of NFT bidding will take place at Instagram? Let’s look at this further below!
NFT Trading At Instagram
Instagram offers business opportunities to small businesses and this isn’t something new. New businesses have found a stable footing at Instagram by using a successful Instagram strategy with the use of proper hashtags and all to promote their small business. But who knew that a time will come when Instagram will become a bridge to trade digital collectibles!
This news piece might not sound too out of place to some who are well aware of the ventures of Nike and Adidas into NFT and other popular brands in the same, but for some, it’s rather unusual. Well, no matter what kind of reaction you have, the question of the hour is how it will all unfold and who will be participants.
1. NFT Transactions On Instagram
The market for NFTs is expanding where AMC and Sony Pictures even made the headlines over distributing Spider-Man NFTs. This depicts the widening popularity of NFT trading making us curious about how and what kind of NFT transactions will take place on Instagram?
Looking at the behavior of major NFT marketplaces and crypto exchanges, we can be sure that NFT trading at Instagram will open wider doors for B2B, B2C, C2B, and C2C transactions where anyone can mint and transfer the ownership rights of their unique NFTs.
2. Types Of NFTs To Be Traded On Instagram
Another important question regarding NFT trading at Instagram revolves around the types of NFTs to be traded on Instagram. We all know that NFTs are highly adaptable and flexible where one can create an NFT of anything and everything. Thus, even famous and unique Instagram reels or posts can be created or traded as an NFT just like the first tweet of Jack Dorsey.
3. NFT Bidding On Instagram
Now the most important question of the hour! How will it all take place? Via Insta live? Via Instagram Post with a timer on? Well, no need to rack your brains as Alessandro Paluzzi has already given us hints of what is coming!
Paluzzi’s Twitter screenshots which he shared back in July revealed how NFT bidding will take place on Instagram. Going by the screenshots shared, we can believe that Instagram will come up with a “Collectible” label to kickstart the bidding process. After a certain time period, the bidding will stop and the top bidder will obviously win.
This is all speculation for now as we still aren’t sure how everything will unfold. But let’s stay hopeful!!
4. NFT Blockchain And Crypto On Instagram
Instagram will either use the most active Ethereum blockchain for securely storing NFTs or develop a blockchain of its own which will serve as a mutual blockchain for Mark’s bigger dreams regarding Metaverse. We still don’t know what will happen but let’s see what decision the developers arrive at.
Another important point in NFT trading is regarding Cryptocurrencies that will be acceptable on the Instagram landscape. Will trading in all cryptocurrencies be acceptable or will Insta develop crypto of its own? Again! We don’t know but it’s better to stay patient for now and see what Instagram has in store for us.
Instagram’s CEO, Adam Mosseri, shared its plan of expanding Instagram to NFT hinting to make it an NFT marketplace where creators can showcase their digital art and other unique collectibles. This news wasn’t as surprising as it should have been due to the ambitious plans shared by Insta’s parent company, Meta.
Now, all we can do is wait patiently and see how things unfold when every big giant is turning towards VR and busy exploring the avenues they can start a new venture on.
Featured Image Credits: Medium