NFT is becoming part of social networks: Instagram is already interested in non-fungible tokens. The head of the company, Adam Mosseri, said that special notes on publications will soon appear on the site, in which users are offered to buy NFT. According to him, there is nothing to announce yet, since the social network is still studying tokens and ways to make them available to a wide audience.
There are also no specifics regarding who and how can make money on this. The CTO of Tangem AG believes this is all related to Facebook founder Mark Zuckerberg’s plans to create a metaverse: “They want to draw attention to the NFT and the legal aspect where ownership and proof of ownership are stored on the blockchain. This is necessary so that you can purchase some works of art through Instagram, and the social network confirms that you are the owner of them.
So, you could buy posts on Twitter through a special service, and all this was recorded on the blockchain. Naturally, this information does not mean anything to the state, that is, I cannot go to the police and say that my post was stolen, since no one will believe that it is mine just by seeing some kind of record.
But when you create your own metaverse, then you have your own rules there, and you can say that in this case, the ownership of something is spelled out in the blockchain. The company wants to draw people’s attention to this so that they get used to this concept. ”
Monetizing NFT on Instagram
The integration of NFT tokens can become an effective tool for monetizing on Instagram, in particular, for artists and bloggers, says Mikhail Gurevich, observer of Kommersant FM. However, to launch such a project, you will first have to resolve a lot of legal issues, he notes:
“It is quite logical to look for some new ways related to monetization. Why not try using the NFT hype and pay attention to it? However, the path to implementation will be quite long and thorny. I am sure that if a decision is made to implement it, then a lot of legal problems associated with the regulation of cryptocurrencies in different countries, including NFT, will have to be solved. Accordingly, it will take some time to understand in general what it is eaten with.
In principle, it sounds quite attractive, very innovative. However, time will show how realistic and relevant it will be”.
Attracting celebrities
Also, in addition to the purchase option, Instagram may have a special function for creating NFTs. The founder of the TNFT project Stanislav Teo presented how football player David Beckham could use social networks with non-fungible tokens at the peak of his career:
“Let’s say David Beckham gets the opportunity to create an NFT token. For example, he scores the winning goal in the final of a sporting event, uploads a photo taken by a reporter or his wife to Instagram. In one button on the server, a unique token is created associated with this picture, with its signature, with a link to the corresponding message, and you can buy it.
And all people who read Beckham’s page are informed that now this thing is on sale and has a certain price. NFT is something that is associated with rarity or some person who generates uniqueness with a personal brand or account with many followers. In addition, there is no need to go out somewhere, create this content and then upload it. Building such a system inside Instagram could be a big advance for the technology. ”
Recently it became known that one of the oldest auction houses Sotheby’s in 2021 raised $100 million from the sale of NFT. At the same time, almost 80% of those who tried to purchase tokens in this way participated in traditional trading for the first time.