NFTs Are Coming To Instagram! What You Need To Know?
Verified NFT PFPs On Instagram
After Twitter & Peakd, NFTs are now coming to Meta-owned Instagram. It will celebrate its 12th birthday in October 2022 and before that Marky Mark (from Meta) did gift himself a rage. He talked about this back in March that they were working on something like this. The pilot run is supposed to start on 9th May 2022 i.e. today with a selected group of NFT collectors based in the US. It's perfect since Instagram is all about photos and short-form videos known as Reels. Verified NFT PFPs will be a nice addition for such users who would like to play with them and show off a little. Just imagine how much exposure NFT creators are going to get from this.
NFTs from the following four famous blockchains platforms will be supported:
- Ethereum
- Polygon
- Solana
- Flow (WTF Yo?)
If you don't know what the fuck Flow Blockchain is, then comment below. You are not alone mate. 😝
Instagram will also add Metamask as a supported wallet to verify the ownership of your NFTs on various blockchains. No fees will be charged to showcase your NFTs, unlike Twitter where you need to subscribe to Twitter Blue to use NFTs and set them as Hexagonal Shape profile pictures. If you want to understand what NFTs are in simple terms then checkout my post where I explained about 7 uses cases of NFTs beyond Digital Art.
NFT Adoption
Instagram churns some big numbers every day. It has seen immense growth in 2021-22. One of the top 5 social media applications in the world and has 1.2 Billion active users monthly. It's the second most downloaded app on the apple store. Millennials and Gen Z use it like crazy. This news is huge! More crypto adoption via NFT PFPs. :') We might see a series of NFT-based verification on Instagram in the upcoming months. It's a big stage for all kinds of audiences, especially from the new age of Digital Content creators. NFTs have the power to give them an edge over other creators and platforms who would suck their value. The most famous NFT platform Opensea has around 1.5 million monthly active users which is nothing. Instagram gets 500 million active users daily. 😂😂 It could potentially attract millions of new users to the NFT space.
Mega thanks to Zuckerberg for doing the marketing for us. Seems like he wants to rush into NFT hype and could not wait any longer. Good for us because smart people on Instagram will convert and indulge forever in crypto.
Is This Going To Be A Trend?
I am pretty sure it's going to be. Soon such features will be added to the big daddy of the social media platforms, Facebook. 🙈 Both of these platforms will later operate a fully functional marketplace with their apps around NFTs. Mint, Sell and Buy within Instagram would be a great idea and it would give a tough challenge to Opensea. WhatsApp next? How about Tik Tok? I would love to see other WEB 2 apps following this trend along with WEB 3 social media apps of course.
What do you think about this news guys? Please comment below!
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I bet verified badges will soon be history and account verification will be a free market on smart contract blockchains. NFTs as ID documents.
Yes. Very soon! :') NFTs coupled with ZK technology for more privacy & Security.
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Verified accounts don't need to hide their identity. If you want privacy, you use some other membership identity, a pseudonymous blockchain game account.
Pseudonymous is still not secure enough since you can still see the transactional data. I would want to hide my address too since it's a part of my identity.
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You are right. I forgot cross account transactions are public even if you had a separate address for the pseudonyme.
That's why pseudonymous. 🙈
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Actually I realized that issue but considered CEXes as mixers but you should not depend on them being around when designing decentralized services.
https://twitter.com/finguru6/status/1523678370856574976
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Fees and congestion was too high on Ethereum, so the company behind NBA Topshot built their own blockchain to host the ledger for their NFTs.
So yes, NBA Topshot may as well run on the company's server-hosted database.
At least it would be more efficient that way.
Gah, this is why we in the crypto community can't have nice things...
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That's why Meta has chosen Polygon for their NFTs.
https://twitter.com/Fwiz/status/1523676688000831488
True. Wider adoption is not possible because of scalability issues.
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I honestly don't really think it will amount to much. Besides some people who like the checkmark, I feel like most of these NFTs still don't really have much use case and it doesn't really stop anyone from doing a save picture from using it.
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Yes, you are right J. Most of them are just show offs. I am not even sure how many people are going to even try buying or selling them. But it's a good news since we got one more place to get exposed to millions of people.
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