Does Instagram’s NFT Feature Now Have Widespread Acceptance?

Share This Post

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.

Must Read: Apple Adds NFTs to its App Store – The Good, the Bad and the Ugly

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.

Subscribe to the NFT Lately newsletter to receive news covering the latest NFT-related drops, releases, reviews, and more.

spot_img

Related Posts

Void 2122 to Unlock a New Era of Combat Card Gaming with NFTs

The pioneering force in the Web3 landscape, Void 2122,...

Magic Eden Adopts Solana’s Compressed NFTs

Magin Eden, the distinguished NFT marketplace, recently announced its...

Friend.tech Returns With Surging NFT Trading Volumes

Friend.tech, the decentralized social media app, has shown an...

CoinMarketCap and HELLO Labs to Premiere TV Series, Killer Whales

An official trailer for the Web3 television series 'Killer...

Machi Proposes 11M $APE Sends NFTs to Museums Worldwide

An intriguing week-long vote surrounding OG NFTs kick-started today! Machi Big Brother,...

Related Posts

The History of Bitcoin NFTs – A Step-by-Step Timeline

With recent hype surrounding Casey Rodarmor's release of open-source...

Amazon NFT Project Is Set To Launch In Spring: What’s Coming?

Amazon is preparing to launch its first digital business...

CoinGecko vs CoinMarketCap: Which Is The Better Crypto Tracker?

CoinMarketCap and CoinGecko are two of the most popular...

Top 10 NFT Marketplaces to Look Out For and Why

How numerous NFT marketplaces make hunting for digital collectibles...

Moonbirds New DAO, Lunar Society, Unlocks Brand Expansion

To boost brand expansion beyond Web3, Moonbirds is switching...

The Ultimate Guide to NFT for Dummies [2022 Guide]

NFTs are collectible items that can represent digital content,...