Overview on Instagram’s NFT Integration
Hello Xillion community!
With the recent integration of NFTs into Instagram greenlighted and deployed by Meta, we will be providing a brief overview of the news. With Instagram being the popular child of parent company Meta and boasting over 2 Billion active users to date, it is easy to see that this integration has massively positive implications for NFTs and the Crypto industry as whole.
Overview:
The Instagram NFT integration allows users to share their digital collectibles and verify ownership. In August of this year, the platform expanded its testing to 100 countries across not only the Americas - but Africa, Asia-Pacific, and the Middle East as well. Additionally, support was added for Coinbase Wallet and Dapper Wallet. Meta aslo started testing the feature on Facebook.
From a cost perspective to individual creators, Meta has announced that there will be no fees associated with posting or sharing a digital collectible on Instagram. Once a creator or collector posts a digital collectible, it will have a “shimmer effect” and can display public information such as a description of the NFT (posts will also be visible on a user’s profile).
Meta will be collecting and organizing public data from open blockchains such as Ethereum to provide this feature. From this public blockchain data, they can only identify which collectibles belong to collectors and creators when they connect their third-party wallets to Instagram. Starting at launch, the blockchains that will be supported are Ethereum and Polygon, with Flow and Solana coming soon. The third-party wallets compatible for use will include Rainbow, MetaMask, and Trust Wallet (with Coinbase, Dapper and Phantom coming soon).
What This Means For You:
The new NFT integration allows users to connect to their digital wallets and choose which NFTs to share with their followers. This feature sort of functions as a digital art gallery, and the NFTs you own or have created can be pinned to your feed next to your other images. What truly benefits NFT creators and enthusiasts is the wide reach and accessibility to a diverse audience which Instagram provides over some of the leading Crypto-Native NFT marketplaces and supporting platforms.
Not only does this bring with it a more viable path for creators to better reach their target audience, but also allows for much better potential for generating revenue for individuals who are not connected within the closed-door creator/artwork economy. Additionally, the tools provided under Meta and Instagram allows creators to reach not only a larger audience, but to be able to push their work to different countries and overcome language barriers.
Conclusionary Points:
As more companies, artists, producers, and customers connect with the global Blockchain ecosystem - the growth of the NFT industry will continue to accelerate and integrate with established Web 2.0 partners. It is critical that early efforts in this space empower diverse voices, and that underrepresented groups have access to emerging digital assets like NFTs. By building support for NFTs, Meta aims to improve accessibility, lower barriers to entry, and help make the NFT space more inclusive to all communities.
Learn2Earn DAO’s Blockchain education initiatives supported by Xillion helps to bridge international communities and established projects in the Crypto space. Here, individuals will continue to receive more opportunities to properly connect with reputable projects and established non-crypto institutions looking to integrate and enter Web 3.0. In this down market, these partnerships are critical, and will guide the mass adoption initiatives set by participating companies.
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