Art has a new way, yeah it does! long gone those days where assets had only one dimension. With the help of NFTs, you can generate a good amount of revenue with your creativity. NFTs are spreading their roots, and one such news came up it collaborating with Instagram.
In today’s post, we are going to check out what is NFT, its current news with Instagram, and basics about how you can dive into NFTs and test your luck. Without mining extra time, lets begin.
What is NFT
Full form of NFT is Non-fungible token. It is a unique digital asset standard that is not replaceable and interchangeable. This non-fungible behavior means once an asset becomes a NFT, it can not be replaced but can be traded further to buy and sell to increase ones profit. NFTs can be any digital asset which primarily would include a gif, video, music, image, art etc. NFTs uses a blockchain technology which is also used for cryptocurrencies but NFTs and Crypto-currencies both differ from each other at few parameter level.
In layman’s terms, NFT is as if you are given the opportunity to visit an island. The island has rare materials, collectibles and you can also craft new ones from it. Now all of those collectibles, you can use them to sell, trade for yourself. Others can also purchase those rare collectibles or the ones you put to sell. Once someone purchased it, would mean they own it. Some share from the purchase will be given to you (the one that it put to sell first) and this will go further on and on.
NFT on Instagram
Here is the big news that came out for which Instagram has been working hard lately. NFTs are coming to Instagram, where creators can sell and show the digital collectibles. The followers then be able to purchase it, and continue the ownership and so forth. The trials have begun and it is only for selected creators for testing purpose to understand the behavior of the project. There is no official announcement whether this feature would be an invite only for selected creators or be open for mass creators.
NFTs generally use a wallet based platform which then can be connected to the main site of NFT marketplace. Instagram support connections with third-party wallets including Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet. Whereas the payments can be accepted in Ethereum, Polygon and Flow. You can understand the difference between those 3 here. This decision of Instagram is a nice move to attract users, and would open up many opportunity for users as well.
How to create and sell NFT?
Before you directly start working on your NFT, lets understand the perquisites about how you can start your journey.
Step 1 – Create Your Wallet
First of all you would need to create your cryptocurrency wallet which will be used to make and receive payments. This wallet will also need to connect to your marketplace where you are intending to sell or purchase the assets. There are many cryptocurrency wallet present to opt in. The one wallet I found easy was Meta Mask, it is one of the popular one as well. You can download the walled on your browser in form of an extension or install stand alone app through their site here. The setup procedure is very easy and understandable to follow.
Step 2 – The Marketplace
The second thing you would want after you have successful wallet is, Marketplace. There are chances that few marketplace would be invite only due to either being under development or they want to cut down the un-necessary spam. I liked OpenSea, it is very easy to deal with and this platform is not invite only, you can directly start uploading the NFTs that you have. If you feel you have a solid idea of an image, art, music, meme, video which is unique, you can create it and upload.
You would be able to access the site through here and click on Profile Icon on top right corner then tap on Connect Wallet. You can choose your wallet through the list and setup profile. After doing all the basic setup, you can tap on create and fill in the details for successful creation on your NFT.
Future with Instagram and other social media
As we know, now a days there are tons of social media platforms. Instagram’s NFT project can really change its reputation and engagement. Since Elon’s Twitter scene and projection about how he wants Twitter to be a futuristic all in one app, this new lead of Instagram is notice worthy. There can be many outcomes from this step which Instagram took. No doubt that other social medias will try to acquire same integration on their end, but we will let the time to decide it!
We have reviewed the story about news of Instagram and sneak peak at NFT. This concludes about NFTs are coming to Instagram. Whether NFT’s do wonder for Instagram or the opposite, it is time to tell. What do you think about the news, do let us know by commenting below. If you have any other suggestions, help or feedback to make, please shoot the mail through here. We will be back with something amazing, till that time have a great times ahead.