Developments in social media marketing for businesses are evolving rapidly. Meta, the company behind Facebook, WhatsApp, and Instagram, recently announced that Instagram users will soon be able to create digital collectibles and sell them using non-fungible tokens (NFTs). But what potential does this hold? Our online marketing agency has explored this topic for you.

Overview of NFTs

In our recent blog post “NFTs in Marketing,” we have already compiled the most important basics on the topic of non-fungible tokens and answered fundamental questions such as:

· What are NFTs?

· What is NFT minting?

· Why is demand for NFTs increasing?

· How can NFTs be used in marketing?

answered.

NFTs represent an interesting opportunity to offer digital assets for sale or purchase and ensure secure sales on the nftmarket. Blockchain-based technology also opens up new marketing horizons for companies and enables the implementation of NFT marketing.

Meta launches its own NFT marketplace

Meta is launching its own marketplace for NFTs on its Instagram platform. In a press release dated November 2, 2022, the company announced that it will soon be possible to mint and sell NFTs on Instagram.

A planned toolkit will enable Instagram users to create their own NFT collections via the Polygon blockchain and then sell them. Meta is thus giving users another opportunity to decide for themselves how artworks are created and how they are sold.

Until 2024, the creation of NFT collections will be free of charge. Meta also plans to cover gas fees for buyers. However, app store fees will apply to in-app purchases, which amount to 30% for Apple, for example.

NFT marketing on Instagram

On Instagram, the so-called Digital Collectibles feature has been implemented in 100 countries, allowing users to connect to digital wallets and showcase NFTs they have either created themselves or purchased. All linked NFTs can be displayed in the feed and feature a shimmering effect.

With the latest update, developers can create their own digital collectibles and sell them both within and outside of Instagram. The launch will initially take place on the Polygon blockchain with a small group of artists in the US, including Amber Vittoria, Refik Anadol, Jason Seife, and Dave Krugman.

This is a first step that marks a milestone on the nftmarket and will offer companies options for NFT marketing in Web3.

Instagram is also planning to enable the display of video-based digital collectibles and offer support for the Solana blockchain and Phantom Wallet.

Outlook: NFTs in social media marketing at Meta!

You should definitely keep an eye on Meta and its activities related to NFTs, including on the Instagram platform, in your social media marketing.

This will undoubtedly lead to completely new models in online marketing in the near future.

Our full-service agency experts stay on the cutting edge and closely monitor all NFT developments for you. There may soon be further updates on this topic, which we will report on for you.