This week Instagram will begin testing some content creators in the US, allowing them to display and share NFTs they’ve created or purchased. According to Adam Mosseri , director of Instagram, this will allow the platform to start exploring new tools that can help content creators earn money using the social network. At the moment there will be no fees or commissions associated with collectible tokens on Instagram.
In a video uploaded to his Twitter account , Mosseri explained: “Creators are incredibly important to Instagram. One of the things that we have to figure out as an industry is how to help creators make a living doing what they love. There are many ways for creators to earn money today, but many of them are unpredictable and rapidly changing. We think a particularly interesting idea for a group of creators is NFT’s”.
Mosseri also referred to the difficulties involved in being a centralized platform ( NFT’s marketplaces are usually decentralized platforms in which the sellers have control): “I want to recognize in advance that NFT and blockchain technologies have to do with distributing trust and distribute power, but Instagram is fundamentally a centralized platform, so there is a tension there. One of the reasons we start small is that we want to make sure we can learn from the community. We want to make sure that we find a way to embrace those principles of distributed trust and distributed power, even though we are, yes, a centralized platform. We believe this is one of the unique opportunities we have to make Web3 technology accessible to a much broader range of people. And specifically, we think that NFTs will be interesting not only for creators who create NFT art, but also for people who want to collect it.”
NFTs on Instagram
This week we’re beginning to test digital collectibles with a handful of US creators and collectors who will be able to share NFTs on Instagram. There will be no fees associated with posting or sharing a digital collectible on IG.
See you next week! pic.twitter.com/VuJbMVSBDr
— Adam Mosseri (@mosseri) May 9, 2022
For his part, Mark Zuckerberg also posted about it and mentioned that the functionality will also be developed soon for Facebook and other apps developed by Meta. In addition, he explained that they will begin to experiment with NFT’s and augmented reality.