Instagram’s Non-Fungible Token (NFT) platform has to be implemented in the future and adds monetization functions named “Collectibles”. The new feature will allow users to purchase and sell NFTs, in other words, posts with the “Collectible” label which specifically indicates that there is an embedded NFT in them.
The social network will allow the trading of NFTs on the Platform and this newness was announced by Alessandro Paluzzi, after spreading some screenshots showing how now users’ profiles will also have a dedicated tab of it.
Paluzzi is a mobile developer who always cares to keep his followers informed of upcoming mobile apps. Aside from collectibles, there is other news that has leaked about Instagram, such as the possibility of posting videos and pictures on a desktop instead only on mobile, which had confirmation later on, via Bloomberg. Furthermore, will be allowed a two-factor authentication feature of Instagram through WhatsApp.
In the leak of Paluzzi screenshots, there is an introduction of the unprecedented feature reads:
“Earn Money From Selling Collectibles.”
It was explained to users that monetization starts when collectors buy from them. In addition to this resource leaked, on June 30, Instagram officially confirmed that a Stories Subscription service is in progress.
According to BeinCrypto, the payment method feature increases, even more, the possibility of an NFT platform, since it will be easier to buy and sell on Instagram and also helps allow other monetization features.
Forbes reported on May 22 that the effort of Instagram to understand NFTs from an ample perspective did not go so well with news artists. One of them, Sean Williams, spread the news after tweeting that social media is reaching out to up-and-coming artists to take insights on NFTs from them.
Williams initially received the idea well but realized later that it is a supposedly way of reaching out to smaller artists to save money. He also disclosed that Instagram followed up, requesting him to sign a non-disclosure agreement paired with a $1,000 honorarium.