Instagram, owned by Meta Platforms, has been making waves in the art world with its successful trial run of supporting digital assets. Last year, the company began testing the concept of NFT sharing among users by exhibiting artwork on their profiles. And, on May 9, 2022, Meta CEO Mark Zuckerberg announced plans to expand the program to allow creators to incorporate a variety of digital asset designs on the platform.
Artists see the potential for Instagram’s expansive reach, with over two billion monthly active users, to bring NFTs mainstream and create a new avenue for revenue. The new web 3.0 initiative has earned praise from high-profile NFT enthusiasts such as Micah Johnson, Drifter Shoots, Amber Vittoria, Refik Anadol, and Dave Krugman, despite competition from rivals like YouTube and TikTok.
Over the past few months, these creators have launched successful collections on Instagram, selling out each time. Dave Krugman, for example, said, “Digital collectibles make a lot of sense when you consider where many of us do our social signaling.”
Instagram’s move into NFTs is a game-changer for the art world and a hint of what’s to come in the future of digital collectibles.