In October 2021, Facebook rebranded as Meta, with a new vision of becoming a social tech company. That is why the platform now focuses on AR and VR stores, cryptocurrency ads, and NFT. Instagram launched NFT last May. They are digital collectibles from a handful of US collectors and creators. Today, Instagram expands NFTs to more regions.
An NFT is a non-fungible token considered digital goods. It is because they are attached to digital wallets and can be used in profile photos. Initially available in the US, Instagram expands NFT to 100 countries effective today. NFTs will now be accessible to users in Africa, Asia-Pacific, the Americas, and the Middle East. Instagram also adds 3rd party wallets for NFT, including Coinbase Wallet, Dapper Wallet, MetaMask, Rainbow, and Trust Wallet. For blockchains, IG NFTs now support Ethereum, Flow, and Polygon.
Instagram expands NFTs to more regions on 04 August 2022.
Implications to Marketers:
Expanding Instagram NFTs to more regions signals marketers to prepare for a shift in digital goods. As they become popular on Instagram, it may be wise to join such a trend and channel ads & campaigns with them.
Reference: https://creators.instagram.com/blog/digital-collectibles-instagram-nft-creators
