Two Worlds Collid

Adam Mosseri, Head of Instagram, shared a video on Monday 10th May in which he announced that support for NFTs will be coming to Meta platforms with Instagram leading the charge.

• According to Mosseri, NFT integration is starting as early as this week. Users will be able to share NFTs that they have made or brought via the main feed, stories and private messaging.
• Instagram has made it clear that they wish to start small, learn from the community and then implement large changes over time.
• Instagram will not charge users for showcasing their NFTs, unlike Twitter which required a Twitter Blue subscription at launch costing $2.99 a month in addition to a few other minor requirements.
• In the video, Mosseri stated that there is some “tension” due to the decentralised nature of NFTs and the fundamental centralised nature of Instagram.
• However, Facebook and Instagram have 2.9 billion and 1.5 billion active users respectively meaning they can still provide enormous value to the crypto community by presenting an opportunity for non-crypto natives to easily access and understand blockchain-based technologies.

Mosseri also put a particular emphasis on the importance of the creator economy, a concept we brought to our readers in a big idea back in February!