Will Insta NFTs Be Popular After Launch and help push NFTs pass its current state?

Instagram plans to launch a new project that could allow its users to be able to post or showcase their non-fungible tokens (NFTs) on the platform and it will be possible after they have successfully integrated four major blockchains which support NFT minting and the blockchains are Polygon, Ethereum, Solana and Flow. But however, only a few selected users would be allowed to have access to the feature just as Coinbase did when they first launched their NFT marketplace when it was only in the beta phase.

If Instagram successfully launches the NFT project, it will mean that they will now support crypto wallets like MetaMask and it will make it easier for users to display their NFTs worldwide without being limited to the NFT marketplace alone and I believed it will be more used or draw attention to more users than Twitter who only permits using NFTs as profile pictures.

Since the announcement of Instagram adopting NFTs, there have been concerns about the possibility of whether it will actually take over other NFT marketplaces like OpenSea because Instagram has a very large audience and might be easy for users to actually showcase their NFTs for sale compared to other marketplaces. Even though the OpenSea might be the biggest NFT marketplace the competition with Instagram will still be tough.

Aside from being a competition to other users, Instagram could help push NFTs past the level it currently is and if we are to talk statistics, Instagram has millions of users that access the social network per day and talking about total users it could be billions compare to other platforms that their user base is not even up to a quarter of it.

Hopefully, when it launches fully it won’t be like Coinbase that kind of flopped after the hype and anticipating, well maybe it’s just starting but the progress is slow for a top exchange platform.

Posted Using LeoFinance ^Beta