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Instagram to enter the NFT wave with the launch of "Collectibles"
As anticipated, Instagram is gearing up to play its part in the NFT era with it's new feature in the label "collectibles". According to the chief executive officer, Adam Mosseri, Instagram is actively exploring non-fungible tokens (NFTs) and how to bring them to a wider audience.
Earlier this year there were speculations that the social media favorite was exploring in the NFT arena, with a possible collaboration with Meta and its popular metaverse goals. Alessandro Paluzzi, app developer in Instagram, revealed details concerning the possibility of the company launching its own NFTS, indicating that the platform was working on "Collectibles", in July.
Digital artist Sean Williams, disclosed some of these arrangements in May, when he indicated Instagram was working on an NFT platform and reaching out to potential NFT artists. The parent company, Facebook rebranding as "Meta", also had established its aspirations to dominate in the metaverse.
Mosseri, while replying in a Q&A section, posted in his Instagram stories, reacted to the question about his thoughts on incorporating NFTs into Instagram saying "Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a broader audience." Mosseri added that they wanted to help content creators, stating, “I think it is an interesting place that we can play and also a way to hopefully help creators.”
Instagram posts on NFTs will be titled "Collectibles" to spotlight the NFTs and allow users to follow their favorite artists. Mosseri also revealed a few new features, including profile embeds, which allow users to embed photographs and videos into their accounts. Nevertheless, there is no official announcement from the company regarding all these reports yet.