As Instagram Chief Adam Mosseri highlighted, the creator economy is important to Instagram. So, their ultimate challenge is to help creators earn a living while enjoying what they love. Even though there are several ways for creators to earn money on Instagram, they are rapidly changing and unpredictable.
NFT means non-fungible tokens. The idea of owning a unique digital item is one interesting opportunity for a subset of Instagram creators to earn. That is why Instagram launches new NFT features. Instagram now allows a handful of creators and collectors to share NFTs and run cryptocurrency ads. It applies to digital items they bought or made. They can share them on feeds, messaging, and stories for free. They can even bid on these collectibles via in-stream feeds.
Instagram launches new NFT features on 09 May 2022.
Implications to Marketers:
NFTs, together with blockchain technologies and Web3, are all about distributing power and trust. On the other hand, Instagram is a centralized platform. For marketers, starting small with NFTs can help them learn from the Instagram community and eventually work out how to embrace these tenets to improve digital marketing strategies.