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Meta Launches the Instagram NFT Testing Phase to 100 Selected Countries
11 August 14:01
[TL; DR]
Meta has introduced Instagram NFTs in 100 countries in different regions of the world.
Content creators can upload NFTs from Polygon, Flow and Ethereum blockchains.
Instagram supports Dapper Wallet Trust Wallet, Rainbow, MetaMask and Coinbase Wallet.
The use of NFTs on Instagram opens up new opportunities for creators to earn money.
Keywords: Instagram NFT, Facebook, 100 countries, Flow, Metaverse, cryptocurrency, blockchain
Meta, formerly called Facebook, announced the launch of an Instagram NFT project in 100 selected countries in Africa, Asia-Pacific, the Middle East, and the Americas. Creators on Instagram will be able to upload their NFTs created on Flow, Ethereum or Polygon blockchain. However, the NFT creators should connect their wallets to the platform. Currently Instagram supports a few third party digital wallets namely, Dapper Wallet Trust Wallet, Rainbow, MetaMask and Coinbase Wallet. There are no fees for uploading the NFTs to Instagram.
Why has Meta Introduced NFTs on Instagram?
Instagram is one of the leading social media platforms at the moment, with millions of users every day. Already, many Instagram users hold cryptocurrencies and NFTs. Some of them create different content such as music which they can turn into NFTs. As a result, Meta does not want to disadvantage its millions of users through failing to harness emerging technologies such as non-fungible tokens and the metaverse. Through leveraging the blockchain technology, many Instagram users will be able to monetize their skill sets, effort and time. As such, creators are able to post their NFTs on the platform while their fans can purchase these digital creations. For example, creators can turn their images, artiwork, music, trading cards and videos into NFTs, thereby creating revenue streams.
The Instagram NFT project is not far-fetched. Already, selected creators and collectors can showcase their work in the form of NFTs on the platform. Currently, contributors come onboard through invitation. However, in the near future anyone will be able to contribute as he/she wishes.
Source: Theverge
Primarily, by using modern technologies such as NFTs creators control their work as well as monetizing it, since their fans will purchase their digital assets. In a blog post, Meta said, “we’re looking at what creators are already doing across our technologies in order to improve the experience, help them create more monetization opportunities, and bring NFTs to a broader audience.”
The Testing Process
The testing phase started with a small group of United States collectors and creators. Their main task during this stage is to upload and share various NFTs on Instagram. Basically, they will be checking how the related Instagram features enhance a seamless user experience when dealing with the NFTs. For example, they will connect their wallets to the platform and upload and share their NFTs. The team also aims to check how the NFTs and the interface appear to the public. For instance, the de_script_ions accompanying the NFT should flow well, allowing the public to understand and enjoy the experience.
There is also a need to find out if the users will be able to use the settings well. This is because the developers aim to come up with an interface which is simple to use, enabling many people to actively participate. Writing on the blog, the team said, “It’s critical that our early efforts in this space empower diverse voices and that underrepresented groups have access to emerging digital assets like NFTs. By building support for NFTs, we aim to improve accessibility, lower barriers to entry, and help make the NFT space more inclusive to all communities.”
Meta to introduce more features on Instagram and Facebook
Meta is striving to create products and features that give more value to its users than ever before. One way of creating value is increasing the number of ways users earn money on Instagram and Facebook. However, most of the features and tools relate to NFTs and the Metaverse. This is because Meta’s ultimate aim is to develop a world-class metaverse connected to the NFT technology.
Source: Venngage
As Meta focuses on the metaverse, it is harnessing the NFT technology to ensure that the community fully participates from the onset. For example, Meta wants to increase the stars on Reels’ test, by inviting thousands of creators and collectors to take part. It is also working hard to introduce several mobile tools for creators who will join the Stars. Some of the tools will enable them to check their earnings and manage their work more efficiently. In the future, the creators will be able to use the Paid Partnership labels, further increasing their earning capacity.
Why Meta is venturing into Web3
The core reason why Meta is planning for the metaverse and web3 is that the blockchain is showing great potential in changing people’s lives and bringing positive developments to communities including virtual ones. The NFT technology is a fundamental component of the metaverse. Commenting on this, Meta said, “We believe NFTs have the opportunity to be an essential part of how we form our online identities, access new experiences, and engage with others in the metaverse. Within the next decade, we hope the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce and support jobs for millions.”
Source: Leewayhertz
In a real sense, NFTs have created new ways of selling digital goods as well as monetizing the passions of creators. Also, tokens enhance new ways of participating in communities and governing decentralized organizations. Furthermore, the metaverse is more portable and interoperable than centralized virtual communities. Finally, Meta leadership believes that the metaverse comes with a “democratic ownership economy combined with interoperability,” which helps to unlock “innovation and value creation.”
Conclusion
In a nutshell, Meta has launched an Instagram NFT testing program covering various regions of the world including the Americas, Africa and Asia-Pacific. The content creators and collectors can upload NFTs existing on Polygon, Flow and Ethereum. However, they need to connect their digital wallets to the platform. There are no transaction fees for posting and sharing the NFTs.
Author: Mashell C., Gate.io Researcher
This article represents only the views of the researcher and does not constitute any investment suggestions.
Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
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