It looks like NFTs are making their way over to Meta’s Instagram and who knows if the world will be the better for it.
If you ask a proponent of the non-fungible token, they’ll tell this is a great (and inevitable) step forward; ask anyone else and they’ll either have a strong opinion otherwise or won’t even know what you are talking about.
For this camp, we’re a wait-and-see kind of group so we’ll reserve judgment until we know a little bit more but, so far, NFTs seem to be a big deal for digital media no matter how you cut it. We’ve covered some stories about how digital creators have monetized their work this way as well as how it could possibly be used to protect artwork in the digital space in the future. But, today, we’re talking about NFTs on Instagram, a feature that seems to have come somewhat late to Meta’s crown jewel, arriving on Twitter some time ago.
From Facebook’s blog post on the subject:
“Every day, creators inspire people and push culture forward around the world. With the incredible opportunity of blockchain technology, they can now leverage new tools to earn income, and fans can support their favorite creators by purchasing digital collectibles – art, images and videos, music or trading cards – as non-fungible tokens (NFTs). Starting this week, select creators and collectors can share their digital collectibles on Instagram.”
What kinds of features can Instagram users expect?
A digital wallet, the ability to share digital collectibles, and automatic tagging for the creator and owner of the NFT.
And all of it seems to be about giving creators yet another way to monetize their work:
“Creators are using new technologies like NFTs to take more control over their work, their relationship with their fans, and how they can monetize. At Meta, we’re looking at what creators are already doing across our technologies in order to improve the experience, help them create more monetization opportunities, and bring NFTs to a broader audience.”
You can read the full post over on Meta at this link right here.
Are you a fan of NFTs? Or are you quite the opposite? Let us know your thoughts on NFTs on social media platforms in the comments below.
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