Instagram planning to debut in NFT space https://ift.tt/3mgg95u

TL;DR Breakdown

• Instagram set to debut in NFT space.
• CEO says they’d use their NFT platform to help content creators.

Adam Mosseri, CEO of popular social media platform, Instagram has said that they are actively exploring the burgeoning Non-Fungible Token (NFT) market.

He made the confirmation during a Ask Me Anything (AMA) session with fans via his ‘Insta story.’

“Nothing to announce yet, but we are definitely actively exploring NFTs and how we can make them more accessible to a broader audience. I think it’s an interesting place that we can play and also a way that hopefully help creators.”

Adams did not mention how exactly Instagram would break into the market. He simply noted that Instagram aims to make the tokenized sphere more approachable to the masses. Furthermore, he noted that the picture-sharing platform is seeking to help its creators through NFTs.

“I think it is an interesting place that we can play and also a way to help creators hopefully,” added Mosseri.

Before now, there has been a buzz with the picture-sharing platform breaking into the NFT space. App developer Alessandro Paluzzi in July had shared details about the possibility of Instagram bringing its own non-fungible tokens as the platform was looking at working on Collectibles.

According to Paluzzi’s tweets, Instagram posts that will offer NFTs may come with a label named “Collectible” to alert users about the NFT they purchased. However, the platform had not confirmed these details.

Instagram going in line with TikTok?

TikTok is the first picture-sharing social media platform to announce NFT plans. TikTok announced the launch of its first-ever NFT series, “TikTok Top Moments,” to claim the benefits of the ongoing NFT frenzy along with helping its creators add an extra stream of revenue. The short video platform announced the auction of the tokenized versions of its popular, “community-defining” videos by viral TikTok creators.

It looks as though Instagram is about duplicating the same as the CEO said they would also promote their viral influencers and their content in a tokenized form.