Instagram introduces NFTs

Instagram is well known and widely praised for its tendency to jump on the latest tech and marketing trends – and NFTs have been no exception. Although some critics are claiming that the air is slowly seeping out of the NFT tyres, the Meta-owned platform is still intent on allowing creators to show off their NFTs and followers to browse verified NFTs. Understandably, some of us are still playing catch-up: what is an NFT? Should we be excited about this update? Here’s the lowdown.

What is an NFT?

NFTs – non-fungible tokens – have recently taken off around the world as a new, innovative way to invest in art. In simple terms, an NFT is like an original artwork, only digital. Non-fungible means that they are one-of-a-kind; they can be sold and bought using bitcoin, but nothing else will hold exactly the same value as an NFT. They can be anything from graphics to photos to music. At the highest level, NFTs are being bought and sold for anywhere between hundreds of thousands to millions of dollars.

But couldn’t I just right click and download an image, even if it’s an NFT?

Yes. Next question.

What’s the connection between Instagram and NFTs?

In early May, the social platform launched initial testing of NFT display options. Selected United States-based Instagram creators were able to integrate Trust Wallet, MetaMask and Rainbow accounts, which were used to verify NFT ownership through blockchains Ethereum and Polygon, and allowed these creators to display their NFTs on their newsfeed. The head of Instagram, Adam Mosseri, also announced that the app will introduce an NFT tab, available to participating accounts, with a blue tick to indicate verified NFTs.

What does this mean for creators and businesses?

At the moment, not a whole lot. Currently, only select creators in the US have access to this update and the whole concept is still in its infancy. Instagram hopes that if the integration between NFTs and social media is successful, it could make NFTs more accessible to the public and give creators greater visibility and a higher level of creative protection over their work.

Experts have varying opinions on how long the NFT hype will last; some predict it to be a passing craze, while others think it’s here to stay. Either way, if we know anything about Instagram, it’s that it rewards its users with engagement for jumping on the latest features. So if the NFT integration makes its way to Australia, we recommend interacting with it in some way – maybe just think twice before investing millions into a picture of a cartoon ape.

For personalised advice on making Instagram work for your brand or business, get in touch with the Zib Digital team today.