Instagram wants creators to normalize NFTs
Creators agree they are equipped to lead the charge. “I see a lot of brands trying to create their own NFT projects and get everyone to buy them the same way they would a product,” says Wilson. “It would make a lot more sense for them to use more individual ads to create and collaborate with.” This points to the same reason brands engaged independent creators in Web2: consumer trust. “You’re not going to be able to sell your NFTs without the support of a community in that area that’s ready to support it.”
Significant headwind
Not everyone is convinced, due to both technical and cultural resistance.
“I don’t think this will be a catalyst for mass adoption of blockchain,” says Forrester’s Bennett, noting that crypto-wallet requirements will limit uptake. “It’s worth remembering that most consumers don’t really care about NFTs,” she adds.
Currently, the feature is only supported by the Polygon blockchain, adding another potential point of friction. Photographer Wilson’s NFTs to date are in Ethereum. After participating in an initial trial, she does not join this one, in part because of this limitation. Discussions about expansion are underway, says Instagram’s Amoruwa. Forrester’s Bennett sees no problem here: “[Polygon] is where the center of gravity is at the moment, she says. Polygon tokens surged by about 40 percent after Meta announced that it will use the blockchain for digital collectibles on Instagram.
There is also uncertainty as to whether Instagram is the right forum. “What we don’t want is a repeat of Web2, where the autonomy of information and data is driven by big corporate brands,” says digital artist Fung, who remains open to imprinting on Instagram. “I just hope that power and ownership mostly stays with creators and communities.”
Musician and artist Aluna says Instagram may not require the learning curve of Web3-native platforms; education has been “essential” to her ability to navigate the space, she says. “If we keep pushing education, we can find a balance.” Having said that, she believes it is a victory in that more people will be able to take their first step into the NFT area. “One of the key developments needed was accessibility, and this is a big step in that direction.”
Comments, questions or feedback? Send us an email at [email protected].
Creators can now create and sell NFTs on Instagram
NFTs are coming to Instagram, bringing Web3 fashion closer to the mainstream
Meta will lay off 11,000 employees
