One of the biggest social networks in the world, Instagram has confirmed it is actively exploring Non-Fungible Tokens (NFTs).
Instagram CEO Adam Mosseri used Instagram stories to comment on social media interest in NFTs.
Although he doesn’t make any official announcements about implementing NFTs on Instagram, he says the social network’s goal is to make NFTs more accessible to the masses. In addition, he said that Instagram is trying to help its content creators through NFTs.
“Nothing to announce yet, but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience. I think it’s an interesting place where we can play and also a way to hopefully help creators.”
— Alessandro Paluzzi (@alex193a) December 18, 2021
Alessandro Paluzzi in July shared details about Instagram’s possibility to bring its own non-fungible tokens platform as Instagram was working on collectibles.
— Alessandro Paluzzi (@alex193a) July 6, 2021
According to Paluzzi’s tweets, Instagram posts that will offer NFTs may come with a label called “Collectible”. However, the platform has not confirmed these details. He also affirmed that Instagram will support Coinbase, MetaMask, and Novi wallets.
While there are doubts about Instagram’s dominance as one of the most used apps since the start of the pandemic, it appears that Instagram is encountering its competitor, TikTok.
Mosseri’s comments about NFTs reveal that, like TikTok, Instagram will also promote its influencers and their content in a tokenized fashion.
On the other hand, Instagram released a number of new features this week, such as playback, Moments responses, and profile embedding. The IG replay feature, in particular, allows users to share their memorable 2021 stories and show them again in a montage.
Another newer offering is the Moments visual feedback feature, which allows users to post a comment and create a movie from that comment.
Coming to the embedding feature of profiles, Instagram is extending the ability to embed photos and video posts on the platform on websites in user profiles.
Debuting for the first time in the United States, the feature allows users to embed a “miniature version” of their Instagram profile on a website.