Eight months after Instagram began testing the sharing of digital collectibles on its platform, NFTs on Instagram are proving a massive hit. Top artists, including Micah Johnson and Drifter Shoots, have been able to launch and sell projects on the platform in seconds, creating optimism within the NFT community.
The platform enabled a select group of users to showcase their NFTs last May. Top creators recognized this opportunity and took advantage of it, showcasing their works to a larger audience of Web3-curious consumers. As a result, the success of the feature encouraged Instagram to allow a select group of digital artists to mint and sell their creations on the platform.
As a result, interest from top collectors enabled artists to sell out their projects quickly.
Maliha Abidi and Bobby Hundreds, two prominent NFT artists, have been highly praising Instagram for its NFT platform and integration. The convenience of being able to showcase their creations to a wide range of prospective buyers has made them appreciate the feature even more.
Still, there remain some doubts about whether the platform can attract hardcore Web3 proponents. Some individuals may smirk at the idea of doing their business on a highly centralized Web2 platform.
Also, there is the little issue of creations attracting huge fees. The platform’s in-app purchases are subject to high fees from Apple and Google, ranging from 15% to 30%. This results in smaller profits for NFT sellers.
What NFTs On Instagram Mean For Mass Adoption
Still, by allowing NFT trading on its platform, Instagram exposes these digital assets to a wider audience in a less complex manner. People unfamiliar with DeFi protocols can access these assets here. Also, they get to pay in fiat, eliminating what is normally a complex onboarding process for the average person.
Instagram is one of the largest social media networks, boasting over 2 billion users globally. And many proponents of NFTs feel this is what is needed to propel them into mainstream adoption.