In 30 seconds:
- IG NFTs are a new feature for Instagram. So how do you use it? We’re explaining everything for you.
- What does this feature mean for brands? We’re giving you the perspective from the head of Meta and other top creators.
- Are NFTs in your brand’s future? Let’s find out.
IG NFTs have dropped. In May, Head of Instagram, Adam Mosseri announced that NFTs were now shareable on the platform. IG have named them “Digital Collectibles”, and they’re testing them among a few lucky creators in the NFT community.
But what does this mean? What is a NFT on Instagram? How can you share your own – and why would you want to? We’ve got all the answers, so get comfortable, kick up your digital sneakers and let’s begin to explore this new NFT space.
First off, NFTs stand for Non-fungible Tokens and are one-of-a-kind digital assets you buy with crypto. They can come in a variety of forms. Take a look at our article on what NFTs look like, with tons of examples for more info.
But what about IG NFTs? Why is Instagram getting involved?
Introducing IG NFTs (AKA Digital Collectibles)
Instagram is clearly looking to the future. In 2021, users spent at least $44.2 billion worth of cryptocurrency on NFTs. Now they want to show off their bought assets.
When it comes to NFTs, young people (Millenials and Gen Z) are the most intrigued, with 38% interested in buying. With most of IG’s users between 18-34, it’s not surprising that they want to provide more freedom within the crypto space, to keep them engaged. So what exactly are they providing?
Instagram head Adam Mosseri explained more about IG NFTs in May via Twitter:
NFTs on Instagram 🎉
This week we’re beginning to test digital collectibles with a handful of US creators and collectors who will be able to share NFTs on Instagram. There will be no fees associated with posting or sharing a digital collectible on IG.
See you next week! ✌🏼 pic.twitter.com/VuJbMVSBDr
— Adam Mosseri (@mosseri) May 9, 2022
He highlighted how critical the “Creator Economy” is for Instagram and how making money here is “unpredictable and changing rapidly”. He then goes on to introduce NFTs (non-fungible tokens) as a way for Creators to own unique digital items without worrying about copyright infringements and content stealing.
But he also addresses the digital elephant in the room. The NFT community is all about building Web 3 and de-centralising the internet (creating a web for individuals to own their own assets instead of large corporations). Meta and Instagram are both centralized platforms. Here’s how he tackled it:
“I want to acknowledge upfront that NFTs and blockchain technologies and Web3 more broadly are all about distributing trust, distributing power… But Instagram is fundamentally a centralised platform…. We want to make sure that we work out how to embrace those tenets of distributed trust and distributed power.”
It’s clear that Meta and Instagram are aware of the needs of their community and are making moves to support them. So what will this new feature entail? Here’s the rundown.
1. You can connect a digital wallet
The first (and possibly most important) feature of “Digital Collectibles” on Instagram is being able to connect your digital wallet where your cryptocurrency and NFTs are stored. This allows you to access your non-fungible tokens and share them on the platform. Connections like these will be intrinsic to crypto communities going forward, allowing that space to be more accessible within current online platforms.
2. You can share your digital collectable
Making NFTs shareable on this channel is this feature’s main purpose. A creator can post an NFT as public and it will have a “shimmer” effect (as seen on Adam Mosseri’s tweet). It will then display public information about the NFT like a description and name and will be visible on the creator’s profile.
3. You can tag the artist and collector
Digital Collectables allow you to tag both the creator and the collector (subject to privacy settings). This means both profiles will be visible on the post, and the creator can be attributed.
Blockchains that IG will support are Ethereum and Polygon, and they will introduce Flow and Solana later. There will be several compatible third-party wallets, including Rainbow, MetaMask and Trust Wallet. Coinbase Wallet, Dapper, and Phantom are coming soon.
If you’re wondering, “how do I promote NFTs on Instagram?” I’m afraid you may have a bit of a wait to access this feature. Only a handful of accounts are testing it right now, and these are Adam Bomb Squad (@adambombsquad), Blu (@bluethegreat), Boss Beauties (@bossbeautiesnft), Jaden Smith (@c.syresmith), Cynthia Erivo (@cynthiaerivo), Gary Vay-Ner-Chuk (@garyvee), Jen Stark (@jenstark), Michael Le (@justmaiko), Maliha Abidi (@maliha_z_art), Natalie Amrossi (@misshattan), Chuck Anderson (@nopattern), Oseanworld (@oseanworld), Paige (@paigebueckers), Sophia Wilson (@phiawilson), Elise Swopes (@swopes) and Yungjake (@yungjake).
Take a look at their profiles and give them a follow if you want to see Digital Collectables in action and prepare yourself for a larger release.
IG NFTs: The conversation
With this new announcement, Meta CEO Mark Zuckerberg has come forward stating that the social media giant will be introducing “similar functionalities” on Facebook too. He’s already talked about the social media giant’s steps towards the Metaverse and shown us what it might look like, but making NFTs accessible through direct social media platforms is groundbreaking.
But it’s not just Meta getting into the NFT scene. Twitter announced a new feature for their platform where Twitter Blue Subscribers ($2.99) can hook up their digital wallets and use an NFT as a hexagonal profile picture.
Linktree has also introduced 3 NFT friendly features allowing users to add a link to their online NFT gallery, put an NFT as their Linktree background and give followers access to exclusive content with an NFT Lock (where creators can make exclusive “locked” links that only collectors of their NFTs can access). There’s a lot going on. But what do the creators have to say about it?
Two of the accounts testing IG NFTs noted the following:
“I feel excited to be able to share my NFT journey with the community I’ve been cultivating on IG for over ten years! I love how this new feature will let collectors trace the art back to the artist and be a part of the community they have been building on IG for so long. I also love how it bridges my traditional art community and the Women Rise NFT community.”
– Maliha Abidi (@maliha_z_art)
“As a purpose-driven NFT brand on a mission to remind women that they can be everything they want to be, Boss Beauties couldn’t be more excited to drive even more visibility and awareness through Instagram’s global community! We can’t wait to reach more women so we can educate and empower them to learn about all that is possible through web3 and NFTs.”
– Boss Beauties (@bossbeautiesnft)
Their enthusiasm speaks volumes. The ability to share and build communities within social media apps is fundamental to creator growth, and NFT influencers should be able to share their work through these NFT features to strengthen their fanbase. It’s also another effective way to put your message across. Artists now have a fresh avenue for their messages and art.
The future of creators and NFTs
Creators drive social media channels, especially on Instagram and TikTok. They fuel marketing, create trending content and drum up conversations. So how will the rising popularity of NFTs affect them?
Throughout recent history, influencers have struggled with ownership rights for their work. In a digital world, it’s always been easy to copy content and reproduce it under a different guise, even if it did violate the channel’s code of conduct. For the first time, creators have the opportunity to create a new world of intellectual property and gain copyright royalties for anything they produce. It makes it a fascinating time for them, and by extension, brands.
Brand-influencer collaborations will be stronger. Companies have the chance to work with creators to bring forward their own NFT projects. With so many platforms starting to allow digital wallet connections, businesses have a whole new opportunity to create buyable assets for potential customers. An influencer partnership will only add to that, bringing something truly unique to your digital marketing campaign.
New features like IG NFTs are giving us a glimpse into the future. Crypto communities are getting more and more vocal about the continuously changing landscape of the internet, and brands should listen. Now is the time to prepare for the future.
To capitalise on the interest in NFTs, It’s essential to get with the programme early. How? Make sure you’ve done your due diligence and read up on the subject. Knowing what will happen in the NFT community will help you decide on your next brand move. Starting marketing campaigns with NFT influencers now will make a difference. With interest still high but not overwhelming, the market is ripe for it (especially if you’re looking to target Gen Z).
If you want to collaborate with a creator, you must ensure they are right for your brand. Checking their online style, personality, and interests will determine if they’re the ideal fit. Looking for a specific demographic, reach or career choice? Get in touch and let us find the perfect person for your digital marketing campaign.