NFTs on Instagram are proving to be a huge hit eight months after Instagram started experimenting with the sharing of digital treasures on its site. Leading artists like Micah Johnson and Drifter Shoots have had little trouble launching and selling projects on the site, inspiring hope among the NFT community.
Last May, the site allowed a small number of users to exhibit their NFTs. Top producers took advantage of this chance after realizing it existed and showed off their creations to a bigger group of Web3-curious consumers. Because of the feature’s popularity, Instagram decided to provide a select group of digital artists the ability to mint and sell their works on the website.
2023 starts very strong.
On @instagram, the digital collectible from Aku’s Dream Lab sold out in under 11 seconds!
The image shows numerous artifacts that Aku collected during his adventures as a digital explorer on Earth and serves as a sneak peek of concept art for an important place in the future. pic.twitter.com/uz614RiQbb
As a result, elite collectors’ enthusiasm allowed artists to quickly sell out their work.
Two well-known NFT artists, Maliha Abidi and Bobby Hundreds, have been gushing about Instagram’s NFT platform and integration. They now value the function even more because it makes it convenient for them to show off their creations to a variety of potential customers.
Instagram post from Bobby Hundreds’ NFT collection, Adam Bomb Squad, from May.
There are still some questions regarding the platform’s ability to draw ardent Web3 supporters. The concept of conducting business on a highly centralized Web2 platform can make some people laugh.
Additionally, there is the minor matter of works commanding high prices. Apple and Google impose steep fees on the platform’s in-app purchases, ranging from 15% to 30%. As a result, NFT vendors make less money.
What NFTs Mean For Mass Adoption On Instagram
However, Instagram exposes these digital assets to a larger audience in a less complicated way by permitting NFT trading on its platform. These resources are available here for anyone who are not familiar with DeFi protocols. Additionally, users are able to pay with fiat, which eliminates the typically difficult onboarding procedure for the regular person.
One of the biggest social media platforms, Instagram has more than 2 billion members worldwide. And a lot of NFT supporters believe that this will help them get widespread acceptance.