NFTs shine on Instagram

Photo of author

By A D

With over 2 billion active users monthly, Instagram is one of the largest social media platforms in the world. Instagram users are now able to create, showcase, and share NFTs, according an announcement made by Meta at the Creator Week 2022.

Increased adaptation of cryptocurrency has swayed the NFT market towards growth. Since the concept gained momentum in 2020, the market value has continued to push limits. In 2022, total NFT sale amounted to $55.5B- a 175% increase from the $20.2B recorded in 2021. The popularisation of NFTs in 2021 served the market well as, despite a bear market, about 85,000 NFT collection were launched in 2022. Many big brands have diversified their merchandise to include non-fungible tokens, wanting to engage their fans in varied ways. With its many evolving use cases and new elements to explore, the NFT market showed promise even as the crypto market remained rough.

Instagram market, for small businesses and otherwise, has been a great space for both buyers and sellers. Meta, in a bid to normalise and upscale NFT, introduced a new feature on its platform in 2022 which enabled creating, buying and selling digital collectibles. Additionally, they let users connect a digital crypto wallet. Polygon blockchain aided the leading social media platform in rolling out these advanced features. The MATIC token saw a 14% increase after the announcement. Infact, Arweave’s token, the decentralized data protocol used for storage, grew 50% following the news. Worthwhile components combined instagram’s wide reach, NFT creators and collectors saw ample potential in this opportunity.

a phone showing how instagram's space for NFTs looks like
Instagram could possibly overtake Opensea as the biggest NFT marketplace. photo credits: coinmarketcap

Acclaimed creators like Micah Johnson, Dave Krugman, Amber Vittoria and alike have launched NFTs through instagram, not only instilling confidence amongst the audience but also makes the transition from web2 to web3 smoother. Buyers also find assurance as Maliha Abidi and Bobby Hundreds showcase their NFTs on the platform. Instagram has also facilitated set up with Solana and Phanton wallets of users, to be used for transactions and showcasing of their NFT collection.

The NFT market in 2023
NFTs have found a number of use cases apart from just being unique tokens to show off. 2021 saw NFTs popping off in the market, 2022 saw NFTs maturing into more than just a web3 category, now 2023 is set to bring NFTs to different sectors.

From live events and merchandise collections to safekeeping records and AI collaborations, NFT market is predicted to expand into many unique sectors.
Ticketing and event passes are the most popular among the services to be impacted, using blockchain ledgers to collate and store information, as well as issue tokens. With music and movies slowly adapting to the web3 world, fan engagements become an integral part to cover. NFTs act as the perfect catalyst for this transformation.
As the Ethereum co-founder initially set out, NFTs make for a great way to digitalize paper records for safekeeping. Soulbound Tokens would facilitate minting of academic achievements, medical records, criminal records, alumni status, employment histories, and everything in between, along with irreversible ownership.
Phygital goods become the new trend in the NFT Space as fashion items, toys, sculptures and pintings, and more physical goods continues to be mirrored into non-fungible tokens.

a woman standing as digital codes and visuals reflect on her. potraying phygital NFTs
“Phygital” refers to items that both hysically and digitally accessible, to own and share. phto credits: giosg

Even if only somewhat, each NFT innovation has helped the discussion concerning the viability of blockchain technology in modern society becoming more widely accepted. So far, Instagram’s methodical shift to Web3 has given other Web2 companies hoping to make the jump optimism. It exemplifies how NFTs and other crypto assets may be used to expand business offerings and provide consumers with an easy entry point for consumers who are intrigued about Web3 without alienating the Web3 natives who have long supported the NFT market.

Leave a Comment