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NFT marketplace is entering social media platforms

Instagram NFT

Social media platforms like Reddit and Instagram are looking to integrate NFTs. YouTube and Twitter have also suggested integrating the space to allow users to sell their NFTs on their own sites. Reddit has already been successful with this venture as there is already great interest in Web3, crypto, VR within the site. Reddit over the years has been one of the biggest sites where discussion of cryptocurrencies are digital projects have taken place. It would naturally make sense then as to why Reddit is allowing for crypto exchanges to occur on the site and for users to purchase NFTs or as they are calling them, digital collectibles.

Reddit’s Collectible NFT Avatars generated $2.54 million in sales from October 23 to the 24, according to public blockchain data compiled by Dune user polygon_analytics. This represents an increase of more than 1,000 percent in sales volume from the previous day and brings the total for Collectible Avatars to a more than $8.1-million spread, across nearly 28,000 individual sales.

Reddit’s CryptoSnoos NFTs are limited-edition collectibles based on the social platform’s mascot, Snoo. Designed by independent artists and Reddit creators, the avatars give users platform benefits (like unique profile animations), and allow Redditors to use their avatars however they want off the platform.

Love it or hate it, with these Collectible Avatars, Reddit has given the NFT ecosystem its biggest mass Web3 onboarding event to date. And it did this in part by avoiding use of the term “NFT” when promoting its “digital collectibles.” The feat is difficult to overstate, especially because it originated from a Web2 social platform whose dislike of NFTs in its own community was well-known.

Regardless, Reddit is firmly in the Web3 space now, and it pulled off a miracle in turning its NFT-averse community into an avid collector base in the process. If the platform can keep its expert-level strategy going and make whatever metaverse initiatives it does have in the mix easily accessible and scalable, there’s no telling what it might accomplish. In the meantime, we’ll be keeping an eye out — and we suggest you do the same.

Meta had announced in October that they were bringing digital collectibles to Instagram and they have finally announced that this feature is now available on the social media app. Starting this week, Meta is testing out features where users can create, sell, and purchase NFTs.

In a press statement on their website Meta discussed, “Creators will soon be able to make their own digital collectibles on Instagram and sell them to fans, both on and off Instagram. They’ll have an end-to-end toolkit — from creation (starting on the Polygon blockchain) and showcasing, to selling. People can easily support their favorite creators by buying their digital collectibles directly within Instagram. We’re testing these new features with a small group of creators in the US first, and hope to expand to more countries soon.

Meta is also expanding the types of digital collectibles that you can showcase on Instagram to include video and adding support for the Solana blockchain and Phantom wallet, in addition to the blockchains and wallets that [Instagram and Meta] already support. Lastly, information for select collections where the metadata has been enriched by OpenSea, such as collection name and descriptions, will now be available on Instagram.”

By having social media platforms adopt and integrate Web3 features, there is an expectation that there will be mass adoption the purchasing of NFTs.

Sources: https://nftnow.com/news/reddits-avatar-nfts-generated-over-2-5-million-in-one-day/

Introducing Digital Collectibles to Showcase NFTs on Instagram