Meta is contemplating making Instagram a platform to create and trade NFTs.
In a refreshing new development, Meta is considering a plan to sell and create NFTs on Instagram. Meta would convert Instagram to a platform like any other NFT marketplace, where the trading of digital assets takes place. The feature would be tested first with a group of creators in the United States, eventually expanding the plan worldwide.
Instagram’s NFT showcase feature would also be scaled even further, creating more income streams for creators on the platform. Meta will utilize the Polygon blockchain to allow users to create NFTs through the digital collectables toolkit, and they could sell the same on Instagram or other NFT marketplaces. But, when one needs to display NFTs purchased elsewhere, creators can also use the Solana blockchain on top of Ethereum, Polygon, and Flow.
These are among the many ways Meta is trying to enable creators to make money through its platform. Expansion of the Professional mode and sending monetary gifts directly to creators via Stars are among the many other methods. Inspired by the effect platforms like Tiktok have had on the young, Meta is out to restructure how it appeals to its users completely. It doesn’t see Instagram as just a photo-sharing app anymore.