Instagram leak may have revealed NFT plans

Leading social media site suffered leaks revealing upcoming plans to include non-Fungible Tokens on the platform

Silicon Valley insider Alessandro Paluzzi has revealed Instagram are working on a new NFT marketplace feature for the platform.

Whilst the feature hasn’t yet launched, the developer gave the game away in a series of tweets to add fuel to online speculation about Instagram’s latest plans.

Here are some of Paluzzi’s tweets exposing the Instangram scheme…

It appears the plans are aimed at encouraging the sale of digital art by allowing artists to showcase their work on Instagram, with the ‘Collectibles’ tag added to stories created by the artist.

During Instagram’s creators week at the beginning of June, CEO Adam Mosseri suggested the platform was looking to further monetise users’ experiences, in what now appears to be a hint towards NFTs.

In a discussion he said the next step was “for users to actually pay creators directly so whether it is gated content or subscriptions or tips, like badges, or other user payment-type products”.

This comes amid news that other leading social media platforms could be looking to incorporate large-scale monetisation updates. Twitter is reportedly keen to launch new services with Chipper Cash and Wealth Simple.

The market for NFT art has exploded this year, with NFT sales in excess of $2.5b – a huge increase from the $14m during the first-half of 2020.

One thing is clear, Instagram is trying to capture its slice of this new marketspace, and adoption by a platform of its colossal size will only help fuel the explosive growth of the NFT industry.

More crypto news and information

If you want to find out more information about NFTs or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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