Facebook changed its name to Meta in an effort to focus on rapacious ambition and fully realize the potential of this new concept.
Instagram, as a member of Meta’s family, will undoubtedly release its own products or NFT-related features in the near future.
Back in November, Alessandro Paluzzi, the developer of WA Tweaker (an application that unlocks hidden features of WhatsApp’s beta version), stated that Instagram is planning to integrate a version of its non-fungible tokens (NFTs) into its platform soon.
Instagram May Be a Hot NFT Platform Soon
While the most popular photo and video sharing network has yet to publicly announce the NFT feature’s rollout on its platform, the social media company has explicitly mentioned the possibility of introducing payment features.
Instagram’s CEO, Adam Mosseri, has previously discussed technologies that could allow creators to make a living using the service. At the same time, he hinted that Instagram has plans to roll out NFT-related services.
“Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a broader audience,” the CEO highlighted in an Instagram Q&A.
As Instagram moves forward with NFTs, many predict that a paid service for creators will be available soon. In other words, it could display a similar service on Patreon or OnlyFans, both of which provide business tools for content creators to run subscription services and generate revenue.
Users pay to become subscribers to their favorite brands, people, or public figures. The ability to implement payment methods and monetization tools on Instagram will enable the platform to sell NFTs.
NFTs are changing the way people interact and giving content creators more control over their earnings; it is a new monetization tool for artists and content producers. An influencer’s or content creator’s income has primarily come from advertising contracts with brands, rather than from his creative products.
They can earn money from their videos, photos, memes, and songs by using NFT. Earnings do not stop with the initial product sale price; NFTs can be tokenized to create a recurring revenue stream. That said, the more times an NFT is traded, the more income the artist has.
A Big Trend
The application of NFTs in this industry can also be quite diverse. Additionally, content creators can use NFT to interact with their audience and raise funds for their artistic or charitable endeavors, in addition to generating revenue.
Meta is not the only company that is “actively exploring” the NFTs. Tik Tok announced the launch of a new project called TikTok Moments at the end of September, and the project has since gained widespread attention.
Thanks to the use of Ethereum, the product will make it possible for content creators to be recognized and compensated for the work they do. In accordance with the company’s explanation, TikTok Top Moments will be a collection of six TikTok videos from the network’s most influential content creators.
Profits from NFT sales, according to the company, will be distributed directly to NFT artists and content creators.
NFT is widely considered a significant step forward for a wide range of industries due to its ability to provide fixed and transparent virtual ownership in real-time.
On closer inspection, however, things are not as straightforward, whether it is the true value of each NFT or the uncertainties surrounding its application scenarios.
Blockchain technology will serve as a foundation for a variety of different outcomes, not to mention that the underlying technology is still in its early stages of development.
At this point, it is impossible to say whether the NFT trend will continue or not. However, as of now, NFT is still a rapidly expanding trend that has the potential to usher in a number of significant shifts in the internet market.
We also cannot deny that the value that NF brings is solving problems related to exclusive access, asserting copyright for virtual assets.
This may also turn out to be the most effective anti-hacking method in the future, and it can be applied to any industry that requires a high level of security.