INSTAGRAM | META | NFTs | TESTING

Instagram, a popular social media application and subsidiary of the Meta organization, has kicked off a program on its platform to test the use of NFTs (non-fungible tokens).

NFTs are digital collectibles or forms of created digital art on a blockchain that have a unique digital identifier that cannot be copied or replaced or partitioned and that is used to certify ownership and credibility.

According to Meta’s advertising tools, they indicate that Instagram had an estimated 580,000 Ugandan users in early 2022. Instagram is popular among young adults in Uganda. Journalists, musicians, creators, and artists use the platform regularly for visibility and commercial earnings.

If the testing of the use of NFTs becomes a successful venture in the USA, then most likely a large proportion of young people will be introduced to the asset class that transacts billions of dollars annually, thereby providing jobs and income for talented creators.

Some of the highest-ranking NFTs, like Bored Ape Yacht Club, portray chimpanzees in their collections, yet most of these wild animals, such as gorillas and monkeys, are found in Uganda, specifically at the Bwindi Impenetrable National Park. Whether the proceeds that come from such NFTs as Bored Ape go directly to help the wild creatures is not clear. 

With the new Instagram NFTs, many creators and organizations will create independent sources of income without relying on other hugely successful projects. 

Natalie Amrossi, a street photographer who goes by the name Misshattan on Instagram says she has already used the feature on Instagram to drive awareness and increase sales. 

“NFTs have opened the doors to new opportunities for me and other artists around the world. This new technology provides us with another outlet to make a living and to connect with our fans. Instagram has helped build our careers for so many creatives, including myself and now our communities can share our work on the platform," she says. 

All one requires is to connect their wallet to Instagram to purchase, create, or sell an NFT. According to the Instagram announcement page, it says the following wallets will enable full connection, coinbase, metamask, trust wallet, rainbow, and dapper wallets.

“There are no fees associated with posting or sharing a digital collectible on Instagram,” the Instagram blog adds. Instagram also confirms that the only blockchains being supported are Ethereum, Polygon, and Flow.

Expansion on this project is already happening in 100 countries in Africa, Asia Pacific, the Middle East, and the Americas. Instagram aims to make this technology accessible and more inclusive. NFTs will make it possible for creators to gain exposure and monetize their work outside traditional channels.