If something is hot, Instagram will find a way to bring it to the platform. We all know this game: it was a matter of time to see how the most popular digital trend was presented to Meta’s social channel.
Following last month’s announcement to change its ranking algorithm to benefit original content, the director of Instagram, Adam Mosseri announced a new step in valuing content creators on Instagram. He said the platform is starting to test ways for users to share NFTs they made or bought on its channels.
The tests have already started with only a group of US users who were able to display NFTs in their feeds, stories and messages.
Keep reading because in this article we are going to analyze this relevant topic!
Decentralized power on a centralized platform
According to Mosseri: “It’s a limited number of people to begin with, and there’s a lot more functionality that we’ll need to develop over time, but we wanted to start small and learn more from the community.“.
But NFT and Blockchain technologies are all about distributing trust and power. So how can Instagram, a centralized platform that is part of a company that doesn’t have good terms of trust with its users, remove the tension between those fundamentals?
Mosseri said that one of the reasons they start with small tests is that they are working on it. In his words: “We want to make sure we find a way to embrace those principles of distributed trust and power, even though we are, yes, a centralized platform.“.
Initially, the supported blockchains for displaying NFTs on the platform are Ethereum and Polygon, and the supported third-party wallets for use are Rainbow, MetaMask, and Trust Wallet.
While Instagram isn’t the first social platform to support NFTs—since Twitter added NFTs to the timeline as hexagon-shaped profile pictures—we know how powerful the brand itself is.
Bringing technology to the largest social media platform can go a long way for this niche of creators. For example, changing the game for the creator economy, and transforming NFTs into a popular content type after growing over 11,000% last year.
What kind of changes can we expect on the platform and in the bigger picture?
Meta CEO Mark Zuckerberg announced that the feature will be available on Facebook soon and also that the company is working with augmented reality to bring 3D NFTs to life.
It seems that content creation is reaching another level and generating great opportunities for creators. And, since we’re talking about user retention, we can expect similar features for the other top channels, like TikTok and YouTube, as they all seem to compete for the same features and audience.
If your brand is planning to enter the NFT universe, the results of this closed test can directly drive your strategy in the near future. If you want inspiration on how to get started, I recommend our article showing how brands are building their NFT strategies.