Adam Mosseri (the head of Instagram) shared a video on Monday, stating that Instagram will begin testing NFTs this week. Adam Mosseri shared the information that Instagram is going to test digital collectibles or NFTs this week. Adam Mosseri also stated that there will be no charges associated with displaying or sharing digital collectibles on Instagram.
Instagram wants to provide creators with another opportunity to earn from the platform and that’s why they are introducing this new Instagram feature to display the NFTs in the Instagram user profile.
Details of NFTs can be seen in user profiles under the name “digital collectibles” just like tagged profiles and products are visible and are named. Instagram will begin testing NFTs this week Once the testing is successful, any user on Instagram will be able to portray and share the NFTs on their Instagram profiles.
What are NFTs and how are they used?
Non-fungible tokens (NFTs) are the idea of owning a unique digital item.
As the name suggests, they are unique tokens that show the ownership of a digital item.
They include specific information that makes them separate or distinguishable from other tokens. Since no tokens can be the same, trading or exchanging becomes easy and more convenient. In the case of trading any physical items, the item can be shared easily but not the same for digital assets.
Thus, in case any digital item or assets need to be traded, it can be done by exchanging NFTs(right of owning an item digitally).
Since NFTs can be used to digitally certify the owner of a specific art or an item. Let’s take a look at the different items which can be converted into NFTs-
Music albums or Songs- A specific song or a music album can be converted into NFTs which gives the owner exclusive right or ownership of the music. Several Musicians are using NFTs to add exclusive rights to newly released albums.
Sports- Major franchises in several leagues have created NFTs of exclusive signed shirts and other items. NFTs are being created in many American leagues like football, hockey, and basketball.
Art or Painting- Similar to Music, painting can be converted into NFTs giving the painter or the artist, digital ownership of the art. It can be used for digital auctions(of the paintings) in the future.
Gaming- Today most of the people are playing online games and are crazy about playing video games with their friends. They can spend a lot of money on improving the experience of the game. Companies have started using NFTs that allow a player to create their own unique skin in the game.
Conclusion
NFTs and blockchain technology may sound crazy, but these are how future transactions will take place. And Instagram is now allowing NFTs into the platform and this step of Instagram is surely a step in the future.
Instagram will begin testing NFTs this week so there will be NFTs and blockchain technology in Instagram soon.
Mark Zuckerberg(CEO of meta) also confirmed testing in his post on Facebook and Instagram. He also stated that soon NFTs can be displayed on all products of Meta. Facebook and Instagram are looking to get this feature available for all users in the world by the end of this year.
