Trading non-fungible tokens (NFTs) may be a priority for Facebook-owned social network Instagram.
According to reports leaked by mobile developer Alessandro Paluzzi, the social network, Instagram, would develop a feature to implement digital collections within the app.
In this way Instagram would become a “digital art gallery”, and in turn increase the interaction within the platform with the use of this new digital value.
Details of NFTs on Instagram
According to Paluzzi, Mark Zuckerberg’s social network would be about to launch a new option: ‘Collectibles’ or ‘Collections’, which would have a similarity with the current trend of NTFS.
— Alessandro Paluzzi (@alex193a) June 21, 2021
In this regard, the head of Instagram, Adam Mosseri, had already advanced in May this year that the company was “exploring” subscriptions and NFTs. In an interview with The Information, Mosseri stressed that digital collectibles opened up the possibility of a different form of the financial relationship between a fan and a creator.
The Information indicates that creators will now be able to offer digital items in streaming, which would undoubtedly draw the attention of a new market on Instagram, as this would encourage digital art purchases by creating a new space for exhibition, in the best style of a Museum.
Popularity of NFTs
NFTs, or non-fungible tokens, are unique digital assets that can be used as a store of value, i.e. they add value to products that cannot be touched, but are on the internet and operate under the rules set by the validations of the blockchain format.
More and more companies are betting on this new way of selling content, an example of which could be Formula One, where Red Bull Honda Racing signed a contract with Tezos, one of the most relevant altcoins by market price, to sponsor the team.
The agreement includes the launch of a series of tokens with which fans of the brands were able to buy cards, photographs, and videos of moments that have marked the team’s years in the world’s biggest motorsport competition.