Instagram, one of the most popular social media sites, has announced that it is “actively examining” the feverish trend of Non-Fungible Tokens (NFTs). Earlier today, Instagram’s CEO, Adam Mosseri, utilized the “story” feature to predict the future of NFTs on the worldwide popular social media platform.
While he did not make any official pronouncements about the inclusion of NFTs, he did state that Instagram’s goal is to make the tokenized realm more approachable to the masses. In addition, he stated that Instagram is attempting to assist its creators through NFTs.
“We have nothing to disclose just yet, but we are definitely actively investigating NFTs and how we might make them more available to a broader audience.” I believe it’s an exciting location for us to play, as well as a method to potentially benefit creators.”
Is Instagram adopting TikTok’s strategy?
While there is no denying Instagram’s popularity as one of the most used programs since the pandemic began, it appears that IG is flocking toward TikTok’s NFT method. Mosseri’s comments on NFTs on Instagram established that, similar to TikTok, Instagram will promote its viral influencers and their content in a tokenized way.
TikTok announced the introduction of its first ever NFT series, “TikTok Top Moments,” earlier this quarter in order to capitalize on the ongoing NFT excitement while also assisting its creators in adding an extra revenue stream to their earnings. The short video platform announced the auction of tokenized versions of viral TikTok producers’ successful, “community-defining” videos. The “TikTok Top Moments” NFT series featured six “culturally significant” TikTok videos created by the series’ authors.
“The creation that occurs on TikTok helps to fuel culture and initiate trends that extend beyond the site.” As the creator economy expands, we’re always exploring for new and unique ways to assist our creators. Fans can now purchase a TikTok moment that helped define the internet while also supporting some of their favorite creators. “We’re looking forward to seeing how our community and NFT communities interact with some of the internet’s most beloved cultural milestones,” said Nick Tran, TikTok’s Global Head of Marketing.