Latest Instagram scoop hints at NFT selling features on its platform

As per a leak from mobile developer Alessandro Paluzzi, Instagram will allow users to sell NFT collectibles adopting a version of NFTs soon. This feature will be labelled by Instagram as ‘Collectibles’.

New Onboarding Screen

According to Paluzzi’s research, Instagram posts offering NFTs will be labeled as “Collectible.” This will alert users that the post contains a purchasable NFT. Despite the fact that Instagram has yet to publicly announce the introduction of an NFT feature on its platform, the social media firm mentioned the possibility of introducing payment features. Earlier in the media, Instagram’s CEO, Adam Mosseri, discussed technologies that may let creators make a living using the service.

“One is commerce, so either we can help with branded content or we can do more to aid with commerce. We have additional options when it comes to affiliate marketing and merchandising. The next step is for users to ” -- Adam Mosseri, CEO Instagram

Instagram could be looking at offering a paid service for exclusive fans of Instagram creators. Similar to that of Patreon and Only Fans. The ability to implement payment methods and monetization tools on Instagram would easily allow for the sale of NFTs on the platform.

NFT Marketscape

This year has been a huge year for NFTs and Instagram’s decision to add NFTs to the platform could be quite important for the industry. The NFT market is surging this year with sales of more than $2.5 billion marking an increase from the $13.7 million in the first half of 2020. Some consider NFTs to be collectibles with intrinsic worth because of their cultural significance while others consider them to be an investment. If the organization adds other payment mechanisms. NFTs could quickly gain traction.