Max E.Mon, Dec 20, 2021 7:13 PM
Mosseri Is Optimistic About Instagram Integration With NFT
The other day, the head of Instagram, Adam Mosseri, in a personal account, said that the platform he leads is striving to make non-fungible tokens (NFTs) available to users. In particular, the project leaders are hatching plans to make messages collectibles and thus give creators the opportunity to make money from the content.
According to Mosseri, he is not yet ready to announce concrete steps in this direction, but an active study of the prospects is underway.
Indeed, the introduction of NFT on the site has been talked about for a long time. So, in May of this year, digital artist Sean Williams announced that Instagram works on an NFT platform development and collaborates with the creators of non-fungible tokens.
In the same month, Instagram hosted an event for the creators of NFT - as part of a broader campaign aimed at allowing creators of the social network to expand their audience and monetize their content. The event was closed, but individual panels were open to the general public. Then the participating NFT artists indicated that they needed more information on how to do this.
This summer, Mosseri told the media in an interview that the platform is considering additional opportunities for monetizing content authors, including non-fungible tokens. He stressed that for NFT artists, Instagram serves as a showcase for their work, and he would like to "do more in this area".
According to the head of the social network, the new tools will make it possible to more effectively monetize art, the works of which are posted on Instagram. Payment forms such as non-exchangeable token purchases, subscriptions and donations will help creators build more balanced and predictable relationships with their fans.
This summer, mobile app developer Alessandro Paluzzi also announced that Instagram is working on introducing NFT functionality into its app. According to him, the format of non-fungible tokens in user profiles may appear in the coming months. Certain content will be labeled “Collectible” and the user will be able to purchase it in a non-fungible token format.
Notably, the former CEOs of Tinder, Stripe and Instagram announced the launch of the Chapter One crypto fund earlier this month. An earlier iteration of the fund was used to raise investments in companies such as Dapper Labs and Compound. A new iteration of Chapter One, with $ 50 million in funding, aims to provide practical assistance to social media founders in the process of transition from Web2 to Web3.