Major social media platform Instagram, a subsidiary of Meta (nee Facebook) is the latest in a string of digital platforms exploring NFTs. As one of the largest image sharing applications in the world, it’s natural that Instagram would be the target of NFT speculation. The platform has grown from a fun photo app with retro-filters to a worldwide phenomenom on which thousands of ‘influencers’ make a living. From make-up tutorials and fashion shows to travel guides to real estate buys, Instagram has become the go-to place for inspiration, news, and networking.
Over the past weekend’s Q&A session, Instagram CEO Adam Mosseri had this to say in response to a question about NFTs:
“Nothing to announce yet, but we are actively exploring NFTs and how we can make them more accessible to a broader audience.”
The news is not surprising, considering parent company Facebook’s rebranding to Meta; a not-so-subtle nod to the growth of the ‘Metaverse’. NFT technology has long been touted as a key tool in helping to build a system of verifiable digital ownership within the metaverse. Many consider the Metaverse to be the next logical evolutionary step for the online community, consisting of highly-realistic virtual worlds with NFTs representing everything from propery ownership to live music. NFT sales have topped an incredible $12 billion in 2021 just through the emerging crypto market, so there’s no telling the exposure that Instagram’s 2 billion users could bring.
According to some sources, users may even be able to put in bids to buy NFTs directly on the platform. In order to acheive this, Instagram would need to integrate with crypto wallets like Metamask – something that seems unlikely considering the backlash that Ubisoft and Discord suffered after announcing their potential NFT integrations.