NFT’s are on Instagram now. It’s only a test but looks like there’s no way back
The market of NFT’s (non-fungible tokens) has been growing exponentially in the past three years, but remained under wraps for most. From now on, Instagram officially recognizes the fact of NFT’s existence and lets a chosen group of creators and collectors expose their ‘digital collectibles’ on the net.
In simple words, an NFT is a piece of digital art, like a graphic icon or a video clip, which is unique because of the history of its appearance and its emotional value. One of the most famous NFT’s is the first Tweet made by the founder of Twitter Jack Dorsey.
The NFT’s are considered as collectibles. The tokens are becoming more and more popular as celebrities are acquiring them. For instance, recently Madonna has disclosed the fact of possession of an NFT collection.
The tokens can be bought and sold with cryptocurrency thanks to the existence of Blockchain, which unites a multitude of computers that register simultaneously each deal made by any user with each token. One of the most popular Blockchain for registering deals with NFT’s is Ethereum.
However, there is still no legal regulation of NFT’s property or copyright that is why until now the giants like Twitter, Meta and Instagram kept aside the phenomenon. However, as the market of NFT’s has grown to $40 bn, the main social networks simply cannot ignore it anymore.
Instagram is the first one to begin testing NFT’s as a potential commodity. As stated by the network officials, there will be no fee for posting or sharing a ‘digital collectible’. Twitter has already allowed its premium users to display NFT’s as profile pictures. A special soft diagonal form can recognize the tokens. Meta and YouTube are soon to follow.