One of the most used social media platforms, Instagram has confirmed that they are “actively exploring” the frenzied trend of Non-Fungible Tokens (NFTs). Earlier today, Instagram’s CEO, Adam Mosseri used the “story” feature to ascertain an up and coming future for NFTs on the globally trending social media platform.
While he did not make any official announcements regarding the incorporation of NFTs, he did assert that Instagram’s aim is to make the tokenised sphere more approachable to the masses. Furthermore, he noted that Instagram is seeking to help its creators through NFTs.
“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 its a interesting place that we can play and also a way that hopefully help creators.”
Is Instagram opting TikTok’s approach?
While there is no doubt about Instagram’s dominance as one of the most used applications since the pandemic began, yet, it appears that IG is gravitating towards its competitor, TikTok’s NFT approach. Mosseri’s comments about NFTs on IG determined that much like TikTok, Instagram will also promote its viral influencers and their content in a tokenised form.
Earlier this quarter, 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. The “TikTok Top Moments” NFT series comprised of six “culturally significant” TikTok videos of its creators.
“The creation that happens on TikTok helps drive culture and starts trends beyond the platform. As the creator economy continues to grow, we’re continually looking for new and differentiated ways to support our creators. Now, fans can own a moment on TikTok that helped shape the internet while supporting some of their favorite creators. We’re excited to see how our community and NFT communities engage with some of the internet’s most beloved cultural milestones.”, stated Nick Tran, Global Head of Marketing, TikTok.
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