Big news: Instagram integrates NFT. The social media giant announced that it will make it possible to share your NFT in an Instagram post. In this post, we tell you how Instagram will share NFT, which smart contracts and blockchains Instagram supports. Plus, we tell you what new NFTs you can expect on Insta soon. Finally, we’ll share some pitfalls you shouldn’t fall into if you want to really enjoy your NFTs on Insta.
There are various uses of NFTs. One is the use of digital art. This new market is becoming increasingly popular, but critics wonder what exactly you can do with a piece of digital art. Sure, you can buy a nice digital frame for it so you can show your NFT to friends, but otherwise…? The question, what can you do with it now, comes an answer…
Instagram integrates NFT
As we wrote earlier, CEO Mark Zuckerberg has hinted at the use of NFTs on Instagram for some time. Where until recently this seemed like future music, the company has now put its money where its mouth is. It was announced via Twitter that it is now possible in test mode to display your NFT on Instagram in a special post.
NFTs on Instagram 💫
We’re testing ways for creators and collectors to share NFTs they’ve created or own on Instagram with a shimmer effect. pic.twitter.com/tXGoH1Z6Gf
— Instagram (@instagram) 10 May 2022
How does sharing an NFT work on Insta?
You can link your NFT digital wallet to your Instagram account via an extra secure connection and choose which NFTs to display. Once the selection is made, the NFT will appear with a sparkling effect as a post on the creator’s or collector’s profile. In addition, public information about NFT can be added. Finally, depending on the privacy settings, you can set your Insta account in such a way that you and the creator/collector (depending on your role) are automatically tagged.
This naturally raises a number of follow-up questions:
Which NFT wallets does Instagram support?
Rainbow.me, MetaMask and TrustWallet wallets are supported at launch. It is also announced that it will soon provide support for CoinbaseWallet, Hellodapper and Phantom after launch.
Which blockchains does Insta support?
Instagram is also following a gradual rollout of Blockchain support. Initially, they will support Ethereum (ETH) blockchain and Polygon (MATIC). After launch, support for Flow (FLOW) and Solana (SOL) will be built in.
From when can you show your NFT on Insta?
It is still unclear when we can get started ourselves. Currently, 16 influential Instagrammers have been selected to test the applications. If these tests are successful, they want to introduce this promising feature as soon as possible. You can, of course, already now follow the accounts of the selected testers to see the tests.
Finally, a Dutch question…
Yes, Instagram has confirmed that using these features is free as far as they are concerned. They will not charge you to post or share an NFT via Instagram. Naturally, miners will ask for a (gas) fee to use the blockchain.
If you have more questions, you can read more about NFT on Instagram in this official blog from the company.
You can expect these new NFTs on Instagram soon
Once the testing phase is over and the features have also been rolled out in the Netherlands, you can of course share any NFT as long as you use the wallets and blockchains that Facebook supports. We’ve already seen big companies and brands capitalize on this trend, so you can expect a number of new NFTs as well.
For example, Madonna announced that she will launch her own NFT collection in collaboration with Beeple.
In addition, we already saw that football clubs such as Manchester United will release their own NFTs. We can add Arsenal to this list because they announced that they are entering into a partnership with Unagi, the creators of the Ultimate Champions game. Various NFT applications are being developed, such as trading player NFTs and in-game opportunities to earn player NFTs.
In addition to these possibilities, there are of course also a number of dangers lurking. We list 3 pitfalls.
Beware of these pitfalls with NFT on Insta
Besides all the beautiful things, there are also dangers that arise with this new application. But if you don’t fall for the following three pitfalls of NFT on Instagram, you can safely enjoy the new features.
- Does not offer the top prize for an NFT to display. We see that there was a lot of hype around NFTs. People offered astronomical amounts for NFTs in hopes of higher returns. This turns out to be ugly. We already saw that in the soft of the auction of NFT of the first tweet from former Twitter CEO Jack Dorsey. The NFTs from CryptoPunk’s collection also sold for record prices earlier. Z published Cryptopunk #273 sold for $1.03 million in October. This NFT went to auction last Sunday. We assume the owner had a nice return in mind, but with the $139,000 dividend, he must have had an ugly look on his face.
- Do not misunderstand the cryptocurrencies associated with blockchains that Instagram will support for NFTs. Currently, we are seeing live crypto prices falling sharply. The announcement of this news does not change that at the time of writing. Caution is therefore advised when buying crypto.
- Don’t fall for the smooth talk about scammers and other scammers. As we saw, Instagram is very clear in how the program for posting NFTs is rolled out and which wallets and blockchains are supported. As with any new development, there will be smart guys (and gals) here who promise you quick access or an easier link if you, for example, click the link or give them access to your wallet. Don’t do this because NFTs have value and these scam artists are out to take that value away from you. So read up, for example with these 5 tips to recognize crypto scams, and always check Instagram’s official communication before you do anything.
We will of course continue to monitor developments and will continue to report on developments in special updates or as part of our regular Bitcoin and crypto updates.
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