So, what’s trending? I know we all have got the same answers: it’s NFT and the Metaverse. Every big project is shifting towards the metaverse and NFTs. To your surprise, we are here with the news that will surely give you a shock of excitement. Instagram is all set to launch the Instagram NFT Marketplace. The news was given to public by the Meta founder Mark Zuckerberg.
We know that Instagram is the most used social media platform in the world and the reason behind it is, it is more than just a social media platform. Instagram broke the stereotype that said social media is a waste of time. It provided people with a way to earn money on Instagram. And, now there are words in the market that soon you will be able to see the Instagram NFT Marketplace on the platform.
Instagram is now owned by Meta and we know that Meta (Facebook) has cleared its intentions that it will be stepping into the Metaverse with all its resources by rebranding its name to “Meta”.
As we know NFTs (non-fungible tokens) are an inseparable part of the Metaverse. How?? As we know Metaverse is going to be virtual. So, a person in the Metaverse must need digital assets. How will you show the ownership of the asset in the Metaverse? Through the NFTs. Right?
Instagram NFT Marketplace
We know that Meta is going to enter the Metaverse arena, it has already launched its first virtual world, “Horizon Worlds”. Now, there is news in the market that Instagram owned by Meta is soon going to launch the Instagram NFT Marketplace.
Although these are just the speculations, you cannot deny the fact that in December 2022, during the Question and Answer session, Instagram CEO said that the company is going to Incorporate the NFT feature on Instagram. Now, in an interview Mark Zuckerberg said that soon the users will be able to mint the NFTs on the Instagram NFT Marketplace.
They are currently studying the NFT marketplace. We know that as a social media platform Instagram has got a worldwide reach and that among the younger audience. This is a plus point in NFT marketing. How? It is easier to make the younger generation understand about investing in the NFTs.
The existing Instagram Marketplace is already flourishing and many small business ideas have made great use of the reach of Instagram to its audience.
The company has always given green signals to every new update in the market. Be it the introduction of the Reels that resembles TikTok or the Social Marketplace. So, why not Instagram NFT Marketplace.
When Will Instagram NFT Marketplace Launch
Mark Zuckerberg in an interview said that soon the users will be able to mint the NFTs on the Instagram application. Well, mark cleared his intentions towards Web 3.0 when he rebranded Facebook to Meta. This indicated that the company will be moving towards the evolution of the internet with full force.
Mark cleared that no specific time can be given for the inclusion of this feature as it is something that needs technicalities. So, the users need to be patient. However, he did give us a hint about the types of NFTs that can be minted.
What Type Of NFTs Can Be Minted On Instagram
Even though Mark said that this all includes a lot of technicalities but the example of NFT that he gave to be minted clears everything. It states that all of it is planned. How? Let us explain it to you. Recently Instagram introduced the Avatar features, Mark said that the users can mint the Avatar’s clothes on the Instagram application.
That means in the future you will be able to create Avatar and stylize it by buying clothes and wearables from the Instagram NFT Marketplace.
Why Is There A Need To Buy NFTs From Instagram NFT Marketplace
We know that the Metaverse will end the thing that was missing from social media. That is the ability to actually meet someone, talking with them by sitting in the same room.
If you are following the development in Metaverse technology then you must be aware of the concept of Avatars.
If not then let us tell you that the Avatars are the digital representations that will be controlled by you in the Metaverse. You will create an Avatar and your friend will create an avatar. Then, these Avatars will meet with each other in the common space. With the advancement in technology, you can expect to feel each other as well.
Now, coming back to the importance of owning the NFTs is that you can use these NFTs to display them around your Avatar. Sounds fun right?
Which Blockchain Will Instagram NFT Marketplace Work On?
We are not sure about the type of blockchain that the Instagram NFT Marketplace is going to use. It can choose from Wax, Tezos, Flow, Solana, or Ethereum.
There is also word in the market that Instagram is going to collaborate with Opensea for the Instagram NFT Marketplace. This might be true because if you look at the OpenSea stats then it broke a record-high $3.5 billion in monthly volume traded two weeks before the end of January.
How To Join The Instagram NFT Marketplace
One thing is for sure that if you want to do business on Instagram then you need to make a business profile. So, there might be chances that you are asked to create a business account.
If the news about collaborating with the OpenSea Platform is true then, you will also be asked to connect the OpenSea account with the Instagram account.
How To Buy NFT From Instagram Marketplace?
If Instagram launches an NFT marketplace on its platform which I think is going to happen soon. Then buying the NFT from the marketplace might include the following steps.
- Connect your digital wallet to your Instagram account.
- Then go to the NFT Marketplace.
- Now, you can select the NFT of your choice
- And make a purchase from the tokens or coins in your wallet.
- The NFT will be added to the wallet attached.
Well, nothing can be said with conviction about the Instagram NFT Marketplace. But, it is for sure that Instagram has got something for the NFT lovers. What is it? We have to wait to find out.
If you have any queries or doubts in your head do ask us in the comments section below and if you find this article interesting and informative then do share it with your friends.
Keep visiting Deasilex for further updates and the latest news in the Metaverse and NFT world.