During a talk at South, Meta CEO Mark Zuckerberg disclosed meta’s intentions to introduce NFTs on Instagram. “We’re working on introducing NFTs to Instagram shortly,” he said. “I’m not ready to say precisely what that will be today,” he said. “But, over the next several months, the potential to bring some of your NFTs in, and hopefully with time, be able to produce them within that environment.” Exciting isn’t it? But initially, the concept of digital collectables will only be available to US users.
Last December, Instagram’s CEO, Adam Mosseri, stated that the company was actively exploring NFTs. The goal is to make technology more available to the masses. In an Instagram story, Mosseri said, “I believe its a unique space where we can play and hopefully benefit creators.” In fact, in June 2021, Instagram organized ‘Creator Week,’ an invite-only virtual gathering specifically for NFT creators.
Instagram’s interest in NFTs is in the pipeline with its parent company’s larger vision of a connected virtual world brimming with digital commodities. “I’m hoping that the apparel that your avatar wears in the Metaverse can be minted as an NFT so that you can carry it with you,” Zuckerberg commented.
What are some features of Digital Collectibles?
- Connecting a digital wallet: A digital wallet is connected. Once connected, creators and collectors will be able to choose which NFTs they want to share on Instagram from their wallets.
- Sharing Digital Collectibles: Digital collectables are shared. A digital collectable that has been posted by a creator or collector will have a shimmer effect displaying public information, such as a description of the NFT. Their posts will be accessible on their profile as well.
- Automatically tagging the creator and collector: Both the creator and the collector are automatically tagged. In the digital collectable post, the creator and collector can be automatically credited (subject to their privacy settings).
Meta also shared how they hope to improve accessibility, remove obstacles to the entrance, and make the NFT space more inclusive of all groups through increasing support for NFTs. They put special emphasis on how its also critical to keep Instagram a secure and engaging environment for all users. As a result, we, as users, can use their tools to safeguard our accounts and report digital collectables that violate their community guidelines. Furthermore, meta also mentioned that they recognise that blockchain technology and NFTs create significant sustainability concerns. Meta will purchase renewable energy to assist and reduce the environmental impact linked with the display of digital collectables on Instagram.