Meta-owned social media app Instagram announced that it would start supporting non-fungible tokens as soon as possible. The platform will host NFTs minted from Ethereum, Solana, Polygon, and Flow as integrated features.
Instagram will also let users post and share NFTs for free, similar to Twitter’s latest features for NFT profile pictures back in January 2022.
As previously reported, Meta CEO Mark Zuckerberg announced last March that Instagram would integrate with NFTs.
It seems the time has come, and NFT collectors and supporters see this as positive news despite the recent depression of NFT prices since the last few weeks of April.
A New Marketplace, Perhaps?
Even with the newest announcement of NFT integration, Meta did not clear up the true purpose of blockchain inclusion in the platform. Some speculate that Instagram will turn into a new marketplace like OpenSea, while others predict it will work as a promotional place for artists and developers.
To this day, NFTs are a polarizing subject, especially for people who are uninterested in blockchain technology.
If mainstream platforms like Instagram and Twitter can convince the crowd about its potential, it could become a serious white swan situation for NFT prices and its crypto tokens in the market.
Will Other NFTs Follow?
We know this much about Instagram joining the blockchain universe, but there are no new announcements on whether other NFTs like sports and gaming will also use the platform as a funnel for sales.
Instagram is a well-known app for displaying images and videos, making it a perfect place for NFT art to treat it like home. However, fan tokens and video game assets are still yet to find their piece of the pie in IG’s exposure, although that may come to change if meta will ever expand its business model to other blockchain projects.