Metaverse Is Taking Off With Instagram NFT

Mark Zuckerberg was quoted saying that NFTs will be coming to Instagram soon. While details of the announcement were limited, another tweet claims Zuckerberg said users will soon be able to mint their own NFTs using the Instagram app. 

CoinMarketCap mentioned Deutsche Bank in an article saying the move will “attract millions of new consumers to the NFT space, and deliver billions of dollars in revenue for Instagram.” Reactions to the tweet have been generally positive, suggesting that users see real potential. 

Artists set to grow on Instagram

Instagram is perfect for NFTs because the entire platform revolves around images. For many artists it is a powerful promotion tool. Burnttoast, the illustrator behind the Doodles collection, has traded over 96,000 Eth since the collection started in October 2021. The Instagram page has a strong following of 294,000 followers and the results show on OpenSea. 

Burnttoast’s Instagram page is primed for liftoff when the NFTs hit the Metaverse, however their Twitter page only has 70,000 followers. Comparatively, the Feline Fiendz Instagram has far fewer Meta followers, around 1,000; yet their Twitter feed is thriving with 30,000. 

Since March 2021, the Feline Fiendz collection has exchanged over 1000 Eth on OpenSea showing that Feline Fiendz could see some big benefits by increasing their Instagram presence. The two artists have comparable Twitter followings, but strikingly different followings on Instagram suggesting that Meta will become a powerhouse for marketing. 

How Instagram can apply NFTs

With this new feature, users will be able to turn any of their posts into non-fungible tokens which can then be sent to other users throughout their social network. 

This will create large potential for users that rely on the Instagram platform for networking and marketing as a source of income with Likes and Followers as an indicator for value. 

By trading and swapping the most popular posts from influencers, celebrities, and other social media magnets, users will be able to experience Web3 on a mainstream level. 

Zuckerberg’s view of web3 and the Metaverse

In an interview with GaryVee, Zuckerberg explains how he believes Meta is the best company to introduce the world to the next version of the internet amidst controversy in Europe, “The world is probably underestimating this and I also think that we have the skills as a company to grow these things to reach more than a billion people around the world.” 

With over a billion profiles hosted on Instagram, NFTs are about to become extremely common in the metaverse.

What blockchain will Meta use?

The big question that should be on everybody’s mind is - What blockchain will they use? With 2.9 billion users on Facebook and 1 billion users on Instagram, Meta’s decision on what blockchains to adopt will set off major shifts in the crypto market. 

Polygon, Binance, Ethereum, and Solana will all be up for consideration as Meta evaluates which chain is not only the most approachable, but also most technically capable of validating the transactions of over a billion users. 

For comparison, Twitter and Reddit both chose Ethereum for their platforms which would be a likely choice for Meta to follow. 

The future of the Metaverse

In a digital world like the one envisioned by Meta, the ability to store value generated by clout, fame, or sentiment by every user will have far reaching effects. 

Zuckerberg explains “The intersection between that expression and your identity and the commerce around that, especially if we can get it to be interoperable so it’s a more fluid market I think is just going to be  a really big deal.” 

As users begin to move into the Metaverse, space will fill up and the groundwork laid by these decisions for Instagram will help push technology to where it needs to be. 

Ultimately, Zuckerberg’s thoughts are in the right place. Allowing users the freedom to add what they want to a blockchain spells good news and will “give people more rights over the goods they have.” 

At the end of the day, there is a clear understanding at Meta about what decentralization is and how it needs to be applied to Web3.