Instagram has become a useful tool for digital art creators after many NFT artists sold their work on the platform within minutes of putting it up for sale. Instagram is one of the biggest social media platforms and one of the apps owned by Meta (the same company which owns Facebook and Whatsapp).
With an audience of over 2 billion people, the company introduced a feature last year that allowed users to share their NFTs. Instagram expanded this feature and allowed NFT utility tokens to be sold and exchanged on the platform. The Digital Collectibles feature allows digital artists to mint and sells NFTs directly on the platform without leaving Instagram.
Discovering the new feature, digital art creators have started using it, and it has proved to be quite effective. This feature allows NFT creators to present their work to more than 1 billion active audiences instead of using a limited NFT marketplace. With the new feature gaining massive traction, many analysts suggest that it might be the tool that will drive the adoption of NFTs worldwide.
As reported by those who have used the feature in the past, it does not collide with the core business and app structure of Instagram. Many argue that it projects the perfect representation of the Web3 concept. In addition, buying NFT using this Instagram feature is very easy as it allows fiat to be used instead of confusing new users with cryptocurrencies.
The Instagram Feature has Challenges
Despite the early success that the Instagram Digital Collectibles feature is receiving, it has some challenges that core believers of cryptocurrency find discouraging.
Instagram is a centralized Web2 platform that defies the blockchain's original beliefs and decentralization. Also, the process and fees required for these NFTs make it impossible for sellers to make a huge profit.
Since the feature is in-app, fees range from 15 to 30 percent, and all these come from either Google or Apple. After these companies charge these fees, the sellers would have a reduced profit.
Instagram New Feature Perfect for NFT Adoption
Many who have used this feature consider it the perfect tool that will drive the future adoption of Web3 and NFT utility tokens.
Despite the huge fees, which many consider bad, others think the web3 concept can be communicated to a much larger audience using this feature. Instagram has also quickly recruited popular NFT creators to use the feature and show its results to the public. This move by the social media platform has successfully attracted more people to use the feature.
Well-known NFT artists, such as Maliha Abidi and Bobby Hundreds, have used the platform to show off their NFT creations and how it helped them connect to a much larger audience.
"We're stoked to usher in the feature, not only because it brings up the conversation of NFTs to the platform, but because it gives us a chance to re-educate the bright future we see ahead for NFTs and Web3," Adam Bomb Squad, Bobby Hundreds' NFT collection, said in a post.
Moving beyond individuals, Instagram employed the services of the Polygon blockchain to help NFT creators mint and sell NFTs seamlessly.
" We’ve built this great funnel for partners to come through and make the onboarding to Polygon really seamless," Polygon CEO Ryan Wyatt told CoinDesk in December last year.