A Guide to NFTs on Facebook And Instagram; Web2 To Web3
NFTs are leading the transition from Web2 to Web3, and we will discuss the role that NFTs play in Facebook and Instagram’s destinies. Long ago, the company formerly known as Facebook had its eyes set on the next phase of the internet. In 2014, the tech giant acquired Oculus, a Kickstarter-funded project at the time, with the idea of using its vast resources and the Oculus team’s expertise to produce the first VR headsets for mass-market distribution. Since then, Facebook has continued to expand into new terrain, but we are not yet there. It is currently referred to as “Meta” and is entering Web 3. Meta is bringing Instagram and Facebook, two of the most popular Web2 services, to full Web3 functionality. This is in addition to its well-known metaverse game, Horizon Worlds. However, this modification will not occur instantly; instead, it will be implemented gradually.
When it first came out in October 2010, Instagram was billed as a free smartphone app that lets users share photos with social networks for free. But most mobile phones didn’t have excellent cameras then, so the results weren’t perfect. Despite the abundance of grainy iPhone 4 selfies, there were images. Occasionally, art is needed as well. Twelve years after its acquisition by Facebook, millions of people use Instagram as a social networking platform. After an announcement in January 2022 about the site’s future NFT-ready features, it seemed like Instagram was about to go through a significant change in the coming year. It has lately expanded its capabilities to include carousels, movies, and, beginning in May 2022, non-fungible tokens (NFTs). So, what NFT features do Instagram’s user base presently have access to?
A summary of Instagram NFTs
Even though a recent update lets well-known NFT producers sell their works on Instagram as NFTs, this feature won’t always be exclusive. Like its May 2022 introduction of features that let NFT artists and collectors show and share their NFTs for free on Instagram, Meta’s first group of creators served as a test group.
In August 2022, just three months after the feature was first tested, Instagram enabled sharing of NFTs in more than a hundred countries. It is only a matter of time until regular users can sell NFTs via the site’s upcoming Creator Marketplace. Then, Instagram might take the top spot among current online NFT marketplaces.
The purpose of Instagram NFTs
And the rationale extends beyond Instagram’s prominent brand recognition. Meta has put a lot of effort into ensuring that Instagram’s brand-new NFT features are as simple and easy to use as possible so that Instagram can become a leading Web3 onboarding platform. With a few taps, creators, collectors, and anybody else who wants to use these capabilities may have access. Therefore, why are Instagram’s NFT implementations attractive? Meta has highlighted several important features, such as that NFTs can be freely shared as posts.
Also, once the NFT marketplace services are fully up and running, there won’t be any gas costs for a while. In the iOS and Android app markets, fees may still apply. Meta tries to ensure that its list of blockchains and cryptocurrency wallets that work with it is complete. According to a November blog post, its list of compatible blockchains includes Ethereum, Polygon, Flow, and Solana. Some cryptocurrency wallets that can be used are Coinbase Wallet, MetaMask, Trust Wallet, Rainbow, Dapper, and Phantom.
So, what kinds of NFTs may you exhibit on Instagram? In principle, anything as long as there is a visual element. Meta’s November blog post talks about a recent change to the number of NFTs that users can talk about and possibly trade on the site. Specifically, video and animation NFTs.
Facebook is the premier social networking site, including NFTs.
A decade ago, Facebook was somewhat more straightforward. People poked fun at one another and “liked” websites with funny names. Meta’s main product is essentially a little replica of the internet. Because of how flexible the network is, it seems inevitable that Facebook would let billions of users buy and sell NFTs on the platform. But it won’t happen in one shot.
How Facebook NFTs operate
Facebook’s deployment of NFTs is now limited to publishing them as status updates. With this feature, producers with a big enough following on the platform can promote their new NFT drops directly on the world’s most extensive social media network. Instagram already does this, and artists on the platform consider it a game-changer for marketing and promotion.
As of a September update, all U.S. users of the platform have access to NFT sharing options, including the ability to cross-post their NFTs on both Facebook and Instagram, similar to how stories and regular photo posts already function. Even though Facebook and Instagram users got the same NFT sharing features simultaneously, it’s unclear when the social networking site will offer NFT trading. The focus seems to be on making this capability work in more markets.
Soon you’ll be able to make and sell #NFTs on @instagram, starting with @0xPolygon. You can also now connect to @solana and Phantom wallet, and see information about @opensea collection: https://t.co/aH8035Tk8n
— Meta (@Meta) November 2, 2022
Facebook’s route to becoming an NFT market
Facebook’s recent efforts to make it easier for artists to get paid on the network show that Meta wants to ensure everything is in order before letting everyone trades NFTs on Facebook. Similar to how “bits” work on Twitch, Facebook’s “Stars” feature enables fans to donate directly to their favorite content creators. Stars are a kind of digital currency that people can purchase with fiat currency and use to connect financially with their favorite content providers.
As of a June 2022 update, the quality is available to all eligible artists in some regions and may be used for live streams, videos, reels, photographs, and text-based posts. Unlike how Twitch has used digital currency, there are signs that Facebook is trying to get its users used to spending real money on digital things. According to Web3 nomenclature, STARS is cryptography. Nevertheless, what about NFTs? Fans may now use their Stars to purchase digital gifts for their favorite writers, which they can give virtually to them. In the November update, Meta added these virtual gifts to the Facebook Stars service. NFTs may not become a reality for some years, but the first step has already been taken.