NFTs are on their way to Instagram. While the long-time face of the company was reluctant to give away too many details, Zuckerberg did allude to incoming NFT support features on Instagram in the short term during a speaker series seminar at the Austin, TX multimedia and culture conference SXSW.
This could include the ability to show off current NFTs in one’s collection via a new mechanism on Instagram, as well as support for minting, although exactly what that entails and the full scope of NFT support is still unknown. We’d expect wallet support integration to be part of the platform’s adoption, which has yet to be promoted or alluded to on Instagram. Nonetheless, it’s an intriguing development for Meta in general, which has struggled to find success in the crypto industry thus far.
Despite Meta’s repeated failures to participate in crypto – such as the cancellation of ‘Diem’ last month and the lack of enthusiasm for the business’s Novi wallet – the company is adamant about becoming a Web3 mainstay. Other social media competitors, on the other hand, have arguably taken a greater bite out of the crypto pie; Reddit, for example, was an early adopter of Ethereum for its r/cryptocurrency subreddit, as well as NFT profile-pic integrations.
In addition, Twitter’s hexagon profile-pic integration has opened up a new revenue source by allowing users to link their NFT wallets to their Twitter accounts. Of course, TikTok, the ever-expanding social media network, has previously teamed up with local blockchain startups such as Audius to onboard new artists.