It has been confirmed by the CEO himself that Instagram, one of the most used social media platforms, is actively researching the non-fungible token (NFT) trend.
Instagram CEO Adam Mosseri stated that they are actively researching NFTs with Instagram's story feature. Mosseri, who did not give details about how NFTs will be positioned on the platform or any different integration moves, said that they are working on how NFTs can reach the masses more easily.
“There's nothing to announce yet, but we're definitely actively exploring NFTs and how we can make them more accessible to a wider audience. I think we're looking for an interesting place to be and also a way that we hope will help creators.”
Is Instagram opting TikTok’s method?
Whereas there isn’t a doubt about Instagram’s dominance as one of the vital used purposes for the reason that pandemic started, but, it seems that IG is gravitating in the direction of its competitor, TikTok’s NFT method.
Another popular social media tool, TikTok, has announced the launch of its first NFT series, “TikTok Best Moments”, to take advantage of the continued NFT popularity and help its users get an extra income stream. The “TikTok Best Moments” NFT series consisted of six “culturally significant” TikTok videos from users.
Nick Tran, Head of TikTok World Advertising, says:
“The creation that occurs on TikTok helps drive tradition and begins traits past the platform. Because the creator economic system continues to develop, we’re regularly in search of new and differentiated methods to assist our creators. Now, followers can personal a second on TikTok that helped form the web whereas supporting a few of their favourite creators. We’re excited to see how our group and NFT communities have interaction with a number of the web’s most beloved cultural milestones.”
Therefore, comments are made that TikTok, which is launched as a rival of Instagram, is following its steps.