Meta joins the NFT phenomenon!

Meta joins the NFT phenomenon!

Non Fungible Tokens (NFT) are all the rage and the giant of social networks, Meta, has joined in. This company, owner of Facebook, WhatsApp and Instagram decided to start with the latter and test how much interest it generates in its users.

NFTs are emerging digital assets that are transforming the art market by revaluing products or cultural goods through online purchases using cryptocurrencies. In this case, Instagram is a network with thousands of digital creators who inspire their followers and promote various artistic expressions around the world.

Thanks to blockchain technology fans will be able to help their favorite creators by buying digital collectibles either illustrations, videos, music or trading cards in NFT mode. The project started with a group of creators and collectors in the United States who will be able to share their items through this platform.

Meta analyzed both what their creators are doing in their technologies in order to improve their experience and help them create new monetization opportunities while expanding the reach of NFTs.

At Empirex Capital we want to tell you today what these new features of Instagram include:

Connecting a digital wallet: creators and collectors will have the ability to choose which NFTs from their wallet they want to share on Instagram. Sharing digital collectibles: once a creator or collector posts a digital collectible, a glow effect will be applied to it and public information, such as a description of the NFT, can be included. Posts will also be viewable on their profiles.

Automatically tag both creator and collector: automatic attribution to the creator and collector is possible on the collectible's post (subject to their privacy settings).

Meta stressed that it is critical to them that their initial efforts will soon move to Facebook and in the meantime serve as a tool to empower and give a voice to minorities who can now access these digital assets. With NFTs, Instagram seeks to improve accessibility, reduce barriers to entry and help make this space a more inclusive place for all communities.

Likewise, blockchain technology, hand in hand with NFTs can be a future key to sustainability. Meta's goal is to test how the impact of emissions that might be associated with displaying digital collectibles on Instagram can be reduced through the purchase of renewable energy.

"I'm excited to be able to share my NFT journey with the community I've been cultivating on Instagram for over 10 years. I love that this new feature allows collectors to link the work to the artist and become part of the community they've been building on Instagram for so long. I'm also fascinated by how it bridges the gap between my traditional art community and the Women Rise NFT community," said content creator Maliha Abidi (@maliha_z_art).

Created on 17th Jun 2022