Recently, in a Q&A session of Instagram, Adam Mosseri—CEO of Instagram, one of the most popular social media platforms— responded positively to a question hinting towards the Instagram NFT platform. The CEO’s response quoted, “Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a broader audience. I think it’s an interesting place that we can play and also a way that hopefully helps creators.”
Instagram NFTs Debut
Though there was no official announcement, Adam’s response was more than enough to start a string of speculations and anticipations. Earlier this year, some reports hinted towards Instagram working on a crypto space, It was later confirmed in July 2021, when Alessandro Paluzzi, the App developer positively nodded at the possibility of Instagram NFT platform as it was looking to work on Collectibles. Paluzzi tweeted, “Instagram posts that would offer NFTs might come with a label named ‘Collectible’ to inform users about the particular NFT that they purchased. However, the platform did not confirm these details.”
What is New on Instagram?
Instagram NFT accounts are still a wide away dream and we will have to wait for any official announcements, but it has brought various new changes to the platform. The recent addition of features includes Playback-where you can replay your best stories from 2021, Reels reply- where the user can create a reel from the comment, and the Profile embed feature that is enabling the users to embed photos and video posts of Instagram on the website of the users’ profile.
NFT Platform Entrants
While Instagram is still exploring the possibilities and opportunities of bringing NFT to social media, many other renowned players have entered the NFT domain. Adidas Originals have launched their NFT collection on December 17th titled ‘Into the Metaverse’. Also, the Twitch founder, Justin Kan, launched a new NFT marketplace called Fractal on Solana blockchain.