Instagram Plans to Implement NFT Collectibles on User Profiles

Instagram, one of the biggest photo and video sharing social networking platforms, is looking to implement its form of non-fungible tokens (NFT) soon according to leaker and mobile developer Alessandro Paluzzi.

Paluzzi revealed that both Instagram and Twitter are weighing up big updates to their current offering with Twitter considering two new services via Chipper Cash and Wealthsimple. The mobile developer stated that Instagram continues to work on Collectibles. “Here’s the onboarding screen,” he stated. According to Paluzzi’s findings, Instagram posts that offer NFTs will have the “Collectible” label on them. This will notify users that there is a purchasable NFT on the post.

Although Instagram is yet to publicly announce the launch of an NFT offering on its platform, the social media company reportedly has made mention of potentially adding payment features into the platform. Adam Mosseri, head of Instagram, in past speeches spoke about tools that could help creators make a living through the app.

Speaking at Instagram’s Creator Week in the early stages of June, Mosseri made mention of how the company could help creators with monetization tools. “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 the merchandise. The next thing is ways for users to 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 of a ground to cover there,” stated he. Mosseri added that he preferred those because they give creators a direct relationship with their fans, which is probably more sustainable and more predictable over the long run.

The photo and video-sharing social networking platform could also reportedly follow in the footsteps of Onlyfans and Patreon, by offering planning a paid service for exclusive fans of Instagram creators. Instagram has however not confirmed any part of the leaked ideas by Paluzzi.

The non-fungible tokens (NFTs) market has been a hit this year and Instagram looking to adopt NFTs to its platform could be huge for the industry. The NFT market is booming this year, with over $2.5 billion in sales recorded so far this year, up from the $13.7 million it recorded in the first half of 2020. NFT’s are regarded by some as collectibles with inherent value because of their cultural significance, while others see them as an investment.

NFT’s on the social media platform would easily gain grounds and affect revenue if the company can implement payment methods and monetization tools.