Will NFTs Hit Instagram Soon?
Facebook changed its name to Meta in an effort to focus on rapacious ambition and fully realize the potential of this new concept.
Instagram, as a member of Meta’s family, will undoubtedly release its own products or NFT-related features in the near future.
Back in November, Alessandro Paluzzi, the developer of WA Tweaker (an application that unlocks hidden features of WhatsApp’s beta version), stated that Instagram is planning to integrate a version of its non-fungible tokens (NFTs) into its platform soon.
Instagram May Be a Hot NFT Platform Soon
While the most popular photo and video sharing network has yet to publicly announce the NFT feature’s rollout on its platform, the social media company has explicitly mentioned the possibility of introducing payment features.
Instagram’s CEO, Adam Mosseri, has previously discussed technologies that could allow creators to make a living using the service. At the same time, he hinted that Instagram has plans to roll out NFT-related services.
“Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a broader audience,” the CEO highlighted in an Instagram Q&A.
As Instagram moves forward with NFTs, many predict that a paid service for creators will be available soon. In other words, it could display a similar service on Patreon or OnlyFans, both of which provide business tools for content creators to run subscription services and generate revenue.
Users pay to become subscribers to their favorite brands, people, or public figures. The ability to implement payment methods and monetization tools on Instagram will enable the platform to sell NFTs.
NFTs are changing the way people interact and giving content creators more control over their earnings; it is a new monetization tool for artists and content producers. An influencer’s or content creator’s income has primarily come from advertising contracts with brands, rather than from his creative products.
They can earn money from their videos, photos, memes, and songs by using NFT. Earnings do not stop with the initial product sale price; NFTs can be tokenized to create a recurring revenue stream. That said, the more times an NFT is traded, the more income the artist has.
A Big Trend
The application of NFTs in this industry can also be quite diverse. Additionally, content creators can use NFT to interact with their audience and raise funds for their artistic or charitable endeavors, in addition to generating revenue.
Meta is not the only company that is “actively exploring” the NFTs. Tik Tok announced the launch of a new project called TikTok Moments at the end of September, and the project has since gained widespread attention.
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