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NFTs, Non-Fungible Tokens, are coming to Instagram as well: here is the full tutorial on how digital assets will be managed in one of the most influential social platforms in the world.
In recent months, Meta brought a novel feature useful for sharing non-fungible tokens purchased or held on other platforms. Recently, however, came the announcement of a system that will allow people to create and sell them directly, without having to go through external services.
For now, the company has involved only a small group of creators in the United States. It is important to highlight that Meta’s choice demonstrates how the NFT market is becoming increasingly attractive around the world.
NFT collections on Instagram based on the Polygon blockchain
Similar to what happens on TikTok, it will also become possible on Instagram to purchase virtual assets to give away to influencers during reels and live streams, and for creators to translate into earnings.
NFT collections on Meta are based on the Polygon blockchain, but they will also be able to be sold through third-party marketplaces. This Instagram feature was recently made available to users in more than 100 countries.
Moreover, the beta release had not yet introduced all the features that will now be accessible. In fact, for a few months now, the social network has already allowed users to show their token collection by relying on blockchain networks such as Flow and Ethereum and wallets such as MetaMask, Coinbase Wallet, Dapper Wallet, Rainbow and Trust Wallet.
Specifically, Meta communicated:
“Everyone on Facebook and Instagram in the US can now link their wallets and share their digital collectibles. This includes allowing people to cross-post digital collectibles they own on both Facebook and Instagram.”
So, as of now, users of these two social media outlets will be able to publish their collectibles. By doing so, they will also be able to link their digital wallets to either or both applications. With this, Instagram’s interest in NFTs complements the project of Meta, which is building the metaverse precisely as a container for this virtual world filled with digital assets.
Tutorial for Instagram’s NFTs: the step-by-step guide
The creation of non-fungible tokens on Instagram will be very simple, in a way that will make them usable and enjoyable to a less tech-savvy audience. However, creating a digital asset with an economic value that remains constant or increases over time is not as easy.
The risk is that creators and influencers, who do not have the necessary experience to create NFT-related business models that are sustainable over time, can create collections that will quickly reset their value. For this reason, those who want to invest should always focus on a project that has utility and a medium- to long-term perspective.
In any case, to publish NFTs on Instagram, you must first own an NFT and a digital wallet. Only then will you then be able to mint digital collectibles directly within your Instagram account, even though this feature is still under development at the moment.
In all this, Adam Mosseri, head of Instagram, said in May that Meta will not charge any fees for publishing or sharing digital collectibles on Instagram or Facebook. However, this could change in the future, as soon as the coin is available, as gas fees will be involved in registering new NFTs on a blockchain.
Step one: link the digital wallet to the social
To publish an NFT on Instagram, the first thing you need is a digital wallet, which is an app that allows for sending and receiving electronic transactions, fungible assets such as crypto and non-fungible assets such as NFTs.
At present, Instagram supports multiple digital wallets, but you will only be able to share NFTs stored in Trust Wallet, Rainbow or Phantom on your Instagram feed. Hardware wallets, such as Ledger, are unfortunately not supported at this time.
In any case, after selecting a digital wallet, you must log into your Instagram account, go to your profile, and select the “digital collectibles” tab in the settings. From there, you will see the option to connect a digital wallet in order to start the verification process and share NFTs on Instagram.
At this point, it is necessary to click on “Connect Wallet” and there will be a few steps to select it.
Second step: choose the NFT to publish
This second step is quite simple: just go to the settings from the profile page and select “Digital Collectibles” from the menu. At this point, you are directed to a new page, which lists all the NFTs currently available from the linked digital wallet.
Step three: caption, hashtag, and ownership information
The third step is optional but important because in many cases the virality of any Instagram post also depends on the factors we are about to list. Namely: adding a caption and hashtags to the chosen digital collectible.
As anticipated, this is not a mandatory step but is often recommended or chosen by the users themselves, as a proper caption and targeted hashtags can help the NFT to index properly in the platform. In a nutshell: reach as many people as possible.
Last step: share the NFT, and, if you want, sell it on Instagram
Once the previous steps have been completed, all that remains is to click “Share” to make your work visible to everyone in the Instagram feed. Also, once the new post is published on the feed, you will notice a new checkmark in the upper right corner of the image.
The same check mark will also appear in the lower-left corner of the image if displayed in full size, indicating that it is a digital collectible. If you select the icon, a new panel will be displayed to provide additional information about the NFT, such as ownership and origin.
When viewing NFTs on Instagram, you will notice a new white shimmer effect on the image, confirming that it is a digital collectible. Finally, if you want you can opt to put the NFT up for sale on Instagram.
Be careful, however, because in order to complete even this step, you must first have a Business or Creator account. Then, connect a digital wallet that supports the Polygon blockchain, create the collectible on Instagram. (As, currently, only collectibles created on Instagram can be sold on Instagram.) And, finally, select the sell option during creation.
However, this option is also still under development at the moment.