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Instagram wants creators to normalize NFTs

Instagram wants creators to normalize NFTs

“Strong”, which is part of Wilson’s Going Crazy series, is currently displayed on her Instagram as a digital collectible. While Wilson isn’t selling on Instagram yet, she’s not ruling him out for future releases.

Photo: Sophia Wilson

The creators agree that they are ready to lead the attack. “I see a lot of brands trying to create their own NFT designs and get everyone to buy them just like the product,” says Wilson. “It would make much more sense for them to use more individual creatives to create and collaborate on.” This points to the same reason why brands have attracted independent creators to Web2: consumer trust. “You won’t be able to sell your NFTs without the support of the community in this space ready to support it.”

Strong headwinds

Not everyone is convinced due to technical and cultural resistance.

“I don’t think this will be the catalyst for mainstream blockchain adoption,” says Forrester’s Bennett, noting that crypto wallet requirements will limit adoption. “It’s worth remembering that most consumers don’t really care about NFTs,” she adds.

This feature is currently only supported by the Polygon blockchain, which adds another potential friction point. Photographer Wilson’s NFTs are currently in Ethereum. Having taken part in the original challenge, she does not join it in part due to this limitation. According to Instagram’s Amoruwa, expansion talks are underway. Forrester’s Bennett sees no problem here:[Polygon] where the center of gravity is now,” she says. Polygon’s tokens are up about 40% after Meta announced it will use the blockchain for digital collectibles on Instagram.

There is also uncertainty about whether Instagram is the right forum. “What we don’t want is a repeat of Web2, where the autonomy of information and data is driven by big corporate brands,” says digital artist Fung, who remains open to Instagram chasing. “I just hope the power and ownership stays mostly with creators and communities.”

Musician and artist Aluna says Instagram may not require the learning curve of Web3-based platforms; education was “necessary” for her ability to navigate in space, she says. “If we continue to advance education, we can find a balance.” However, she believes it is a win that more people will be able to take their first step into the NFT space. “One of the biggest changes needed was accessibility, and this is a big step in that direction.”

Comments, questions or feedback? Write to us at feedback@voguebusiness.com.

More on this topic:

Creators can now create and sell NFTs on Instagram

NFTs are coming to Instagram, bringing Web3 fashion closer to the mainstream

Meta to lay off 11,000 employees

Written by khirou

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