Instagram, one of the most popular social media sites, has announced that it is “currently investigating” the crazed trend of Non-Fungible Tokens (NFTs). Earlier today, Instagram CEO Adam Mosseri used the site’s “storey” function to forecast the future of NFTs on the worldwide popular social media network.
While he made no formal pronouncements about the adoption of NFTs, he did state that Instagram’s goal is to make the tokenized realm more accessible to the general public. Additionally, he added that Instagram is attempting to assist its artists through NFTs.
“We have nothing to disclose at the moment, but we are actively investigating NFTs and ways to make them more accessible to a larger audience. I believe it is an exciting space for us to interact and also a means of assisting artists.”
Is Instagram adopting the TikTok strategy?
While there is no dispute about Instagram’s supremacy as the most utilised application since the epidemic started, it looks as if IG is migrating toward TikTok’s NFT method. Mosseri’s statements on NFTs on Instagram established that, similar to TikTok, Instagram would tokenize its viral influencers and their material.
Earlier this quarter, TikTok announced the debut of its first-ever NFT series, “TikTok Top Moments,” in order to capitalise on the current NFT craze while also providing an additional income source for its producers. The short video platform announced the sale of tokenized copies of viral TikTok producers’ successful, “community-defining” films. The “TikTok Top Moments” NFT series included six of its creators’ “culturally important” TikTok videos.
“The creative that occurs on TikTok contributes to the advancement of culture and establishes trends that extend beyond the site. We’re always searching for new and distinctive ways to help our artists as the creative economy grows. Fans may now buy a TikTok moment that shaped the internet while also supporting their favourite artists. We’re looking forward to seeing how our community and NFT communities react to some of the internet’s most cherished cultural moments,” said Nick Tran, TikTok’s Global Head of Marketing.