Instagram Will Allow Users To Sell NFT Collectibles According To New Leak

Instagram will allow users to sell NFT collectibles according to a new leak in the media outlets as well as according to mobile developer Alessandro Paluzzi as we are reading more in our latest cryptocurrency news.

According to mobile developer Alessandro Paluzzi, Instagram will allow users to sell NFT collectibles adopting a version of NFTs soon as he has a knack for finding mobile updates ahead of time. According to him, both Twitter and Instagram planned major changes in their offerings with Twitter considering two new services via Chipper Cash and Wealthsimple. Instagram is working on Collectibles as Paluzzi said. According to his research, Instagram posts offering NFTs will be labeled as Collectible which alerted users that the post contains a purchasable NFT. Despite the fact that Instagram has yet to announce the NFT introduction on its platform, the social media company mentioned a chance of introducing payment features.

#Twitter is working to support two new services for Tip Jar: #ChipperCash and #Wealthsimple 👀 pic.twitter.com/nWUkqtz9kv

— Alessandro Paluzzi (@alex193a) July 4, 2021

Instagram’s CEO Adam Mosseri discussed other technologies that will lead creators to make a living using the service and Moesseri mentioned how the company could support creators with revenue options while speaking during the Creator Week in early June. Mosseri said:

“One is commerce, so either we can help with branded content or we can do more to aid with commerce. We have additional options when it comes to affiliate marketing and merchandising. The next step is for users to directly pay authors, whether through gated material, subscriptions, tips, badges, or other user-paying goods.  I believe there is a lot of ground to cover there.”

Mosseri went on to say that he prefers them because they allow producers to have direct contact with their audience which is going to be more sustainable and predictable in time. Instagram could be looking at offering a paid service for exclusive fans of Instagram creators. The ability to implement payment methods and monetization tools on the platform will easily allow selling NFTs on the platform. This year has been a huge year for NFTs and Instagram’s decision to add NFTs to the platform could be quite important for the industry. The NFT market is surging this year with sales of more than $2.5 billion marking an increase from the $13.7 million in the first half of 2020.
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Some consider NFTs to be collectibles with intrinsic worth because of their cultural significance while others consider them to be an investment. If the organization adds other payment mechanisms. NFTs could quickly gain traction.