Web 3 Takes Over Instagram: The Latest Developments in Digital Collectibles
Join the NFT craze on Instagram – learn how to create and sell your own NFTs, and explore new features like subscriptions and post-to-earn
On May 10th, 2022, Instagram introduced Digital Collectibles to showcase NFTs. Since then, the social media platform has made further efforts to fully embrace web3. We have compiled these new developments so you can enhance your Instagram experience with web 3 features!
💎 Instagram Welcomes Digital Collectibles for Users
This means you can support your favorite creators by purchasing their digital collectibles within Instagram.
In addition to creating and selling NFTs, Instagram also allows users to:
- Upload videos to the showcase
- Connect their account with other protocols such as Solana and Phantom
- Find information about OpenSea collections through Instagram
- Trade NFTs outside of Instagram, in marketplaces like OpenSea.
🌎 Expanding its Coverage Area
Initially, Instagram enabled all U.S Facebook and Instagram users to connect their wallets and share digital collectibles, including cross-posting collectibles across both platforms. There have been discussions about expanding the coverage area to enable more users to access the full web 3 experience.
Along with this announcement, Meta stated: "Across Meta, we’re exploring a wide range of web3 technologies because we believe they will expand access, reduce costs, and accelerate innovation, empowering people and creators around the world. We are excited to continue listening to feedback from creators and collectors as we continue to build in this space." All users can now interact with Instagram's digital collectibles feature, as it has been opened up to everyone !
✅ Take advantage of these new features…
Here are some tips and tricks for you to take advantage of the latest digital collectible features on Instagra,
- 🖼 Share Your JPEGs, Anon ! Creators and collectors can now share their created or purchased NFTs on Instagram, allowing you to showcase your JPEGs on your Instagram page.
- 📱'Hey Siri, Can You Post My Latest NFT?' By connecting your wallet, you can choose which NFTs to display from your collection. Once you create a digital collectible, it should have an NFT description. Creators and collectors are automatically credited in the digital collectibles post for their work.
- 💬 Subscriptions are Now Available : With this new feature, creators can predict and earn a more stable income than before. Creators can now connect deeply with their followers as they subscribe to their pages. This can be seen as a further shift towards full ownership – a key feature of web 3 infrastructure.
- 💰 Is “Post-To-Earn” Coming Soon ? Creators inspire people to build on their culture and experiences. Thanks to blockchain technology, users can leverage tools to earn. On Instagram, creators of NFTs control their work and relationships with their audience, and ultimately retain their monetization – something that is not possible on web 2 platforms.
💎 What’s next ? And what about fees ?
Instagram's recent developments and comments from Mark Zuckerberg about his plans to turn Instagram into an NFT marketplace have sparked discussions about adding more features suitable for an NFT marketplace, such as minting, buying, and selling – which are not included in the initial roll-out of features to other countries.
Also - Meta has made it clear that NFTs sold on its platforms will not incur additional fees. However, this does not mean that there are no fees at all. Christine Pai, a spokesperson for meta, added that they have “made a commitment to not charge any additional fees for selling digital collectibles until at least 2024”
🤔 Final Thoughts
As these developments root their way into the wider online community, we can expect to see more eyes turned toward web3.
Integrating familiar interfaces like Instagram with blockchain will lead to a more seamless web3 experience.
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