More Instagram users are taking advantage of the social channel’s NFT feature. But does it bridge the gap between Web2 and Web3?
In May 2022, Instagram’s parent company, Meta Platforms, introduced NFT sharing as a test feature for specific users, enabling them to link their digital wallets and display non-fungible tokens (NFTs) they have created or acquired.
As a consequence in November 2022, Instagram’s NFT marketplace launched on the Polygon blockchain, to “funnel” Web2 brands wanting to jump into Web3. As a result, digital artists can now mint and sell NFTs directly on the platform, and new Web3 users can buy the assets using fiat currencies.
Instagram’s substantial global audience makes it a good place to trade NFTs—introducing users to Web3 concepts in a seamless way that is clear to customers while keeping its core business model the same.
Nevertheless, this new feature faces challenges. Many Web3 enthusiasts frown at buying such assets on a centralized Web2 platform. The high fees Apple and Google apply for in-app purchases – varying from 15% to 30% – certainly do not help matters, either.
Instagram’s Recently Renowned NFT Artists
Despite these challenges, early NFT sales have recently been thriving, with numerous collections selling out in a dash.
One primary tactic that bridges the gap between Web2 and Web3 users is Instagram’s feature that enlists the most popular NFT artists – like Drifter Shoots (Isaac Wright) — to help them sell out their collectibles even faster by shining them in the limelight.
Drifter Shoots launches around 50-100 NFTs at a go, priced between $500-$1k. Therefore, makes (at least) a nice chunk of change of $25k a shot.
Other sell-out NFT artists include: Refik Anadol, Amber Vittoria, Dave Krugman, Micah Johnson, Maliha Abidi and Bobby Hundreds. All artists use the platform to showcase their NFT creations, praising the feature for making it accessible to a broad reach of buyers as they make funds from the social channel quickly and efficiently.
Final Thoughts – Are Instagram NFTs a “PR Stunt”?
Regardless of Instagram’s efforts to introduce NFTs in the most “organic way possible” – such as users being able to post NFTs like they would any standard image – many users still perceive the social media’s NFT adoption as a “PR stunt”. One that’s not well-received by those deep into the weeds of Web3.
Nevertheless, many users who need to be more well-educated about blockchain initiatives enjoy this new feature, making it highly advantageous for those interested in NFTs but unsure about cryptocurrencies and the technicalities behind trading.
Regardless of people’s thoughts and feelings on this subject matter, what is certain is that innovation is everywhere because of new virtual environments arising — and Instagram is no different.
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