Instagram Mulls Integrating NFTs In Its Platform
In a bid to make non-fungible tokens (NFTs) more accessible to a broader user base, photo and video sharing social networking service Instagram is exploring ways to integrate such assets within its social media platform, according to senior company representatives.
Replying to an NFT-related question posed during an ask me anything session, Adam Mosseri, Head of Instagram, said there was “nothing to announce yet,” but that the platform has been exploring making NFTs “accessible to a broader audience.”
“I think it’s an interesting place that we can play, and also a way to, hopefully, help creators,” according to Mosseri.
The platform is estimated to have more than 2bn monthly active users across the world, per data obtained by CNBC, potentially facilitating a massive influx of creators and owners to the NFT community.
Instagram is owned by social media giant Facebook’s parent company Meta Platforms after the 2012 deal in which it acquired the platform for a combination of about USD 1bn in cash and stock.
In relation to the latest development, app developer Alessandro Paluzzi has shared screenshots that indicate Instagram has been working on adding a Collectibles functionality to its app, enabling users to buy and sell NFTs with the platform.
By tapping into the global digital art market, Instagram could secure an additional major source of revenue for its operations, similarly to how traditional art sellers have diversified their revenues owing to NFTs.
Most recently, British auction house Christie’s announced that it expected to generate some USD 7.1bn in total sales this year, the company’s highest result in the last five years, and more than 54% above the 2020 sales figure. NFTs represent an increasing share of the auction house’s sales, with close to USD 150m in revenue generated this year. Among others, Christie’s successfully auctioned “EVERYDAYS: THE FIRST 5000 DAYS” by digital artist Beeple last March, seeing the NFT bought for a whopping USD 69.35m.
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