Instagram Now Allowing Users To Sell NFT Collectibles

Instagram is the most popular social media platform nowadays. It seems like it is working on implementing several NFT features on its mobile and desktop application, says the mobile developer and leaker Alessandro Paluzzi.

Instagram Getting Into NFT: The Latest Trend

Alessandro Paluzzi is a leaker and mobile developer. According to him, Instagram, the most famous photos and video-sharing social media platform, is planning to adopt its own NFT version soon. Alessandro is a genius who finds news and updates related to the mobile way ahead of time. He also said that Instagram, as well as Twitter, are about to bring major changes. These changes are related to their existing offerings for users. Twitter is currently thinking about two new services via Wealthsimple and Chipper cash. However, Instagram is still working on its collectibles. According to his research, all the posts on Instagram offering NFTs will be labeled as “Collectible”. This will help the users know that a specific post contains a purchasable NFT.

Via Twitter

Instagram has not yet announced publicly the introduction of NFT as a feature on the social media platform. But, it has mentioned the possibility of introducing payment features. Adam Mosseri, Instagram’s CEO discussed previously how this feature will allow creators and influencers to make a living out of it.

Adam at Instagram’s creator week in early June mentioned one more thing. He said that the firm could support the creators with several revenue options as well. He stated, “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. I believe there is a lot of ground to cover there.”

Adam Mosseri prefers them because they allow the producers and creators to have direct contact with their audience. This will be more sustainable as well as predictable over time. Instagram is also currently looking to offer a paid service for exclusive fans of all the famous Instagram creators. It is just the same as Patreons and only fans. The idea behind adding monetization tools and payment methods on Instagram is to easily allow the sale of Non-fungible tokens on the social networking platform.

Expanding NFT Market

This year has been a big one for the NFT marketplace. Now, Instagram’s plan to add NFT to the platform might prove to be a significant milestone in the NFT industry. With increasing sales of more than $2.5 billion till now this year from $13.7 million in the first half of the year 2020, the NFT market is flourishing like never before. NFTs have a great cultural significance which is why people consider them an investment and also collectibles with excellent worth. If the organization is successful in adding payment features and monetization tools, NFTs on all the social media platforms will in no time gain traction and will positively impact revenue.