🧐NFT Bazaar Product Update Highlight | Instagram Looking to Implement NFT Collectibles on User Profiles
July 5, 2021 by Ryan James
Instagram appears to be working on implementing NFT features on its app according to mobile developer and leaker Alessandro Paluzzi.
The mobile developer has a knack for finding mobile updates ahead of time. Instagram could be looking to implement its own form on non-fungible tokens in the upcoming future according to Paluzzi.
Paluzzi commented on his findings on Twitter, showing potential updates to both Twitter and Instagram. Both platforms appear to be looking to implement big updates to their current offering. Twitter could be looking to add two new services in Chipper Cash and Wealthsimple.
More importantly, Paluzzi mentioned that “Instagram continues to work on Collectibles. Here’s the onboarding screen,” he stated. According to the developer’s sleuthing, Instagram posts that offer NFT’s, will have the “Collectible” label on it. This will show users that there is a purchasable NFT on the post.
Instagram has yet to publicly announce the launch of an NFT offering on its platform. However, the company has made mention of potentially adding payment features into the platform. Head of Instagram, Adam Mosseri has previously spoken about tools that could help creators make a living through the app.
Instagram discusses monetization for creators
Mosseri was speaking at Instagram’s Creator Week in early June about how the company could help creators with monetization tools, saying “One is commerce, so either we can do more to help with branded content. We can do more with affiliate marketing, we can do more with merch. The second is ways for users to actually pay creators directly so whether it is gated content or subscriptions or tips, like badges, or other user payment-type products. I think there’s a lot to do there. I love those because those give creators a direct relationship with their fans, which I think is probably more sustainable and more predictable over the long run.”
Instagram could be looking at offering a paid service for exclusive fans of Instagram creators. Similar to that of Patreon and Only Fans. The ability to implement payment methods and monetization tools on Instagram would easily allow for the sale of NFTs on the platform.
Instagram have not confirmed any of the leaked plans by Paluzzi. But the potential for NFT adoption on one of the largest social media platforms could be a huge boost for the industry as a whole.
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