The creators of Instagram are working non-stop to implement NFT technology into their service. It will make tagged posts and photos unique, like physical objects, and prevent them from being copied.
Work on Instagram’s integration into the NFT marketplace has been underway for at least several months. All indications are that one of the most famous social media platforms will enable its users to create unique content that cannot be copied in a way that blurs the distinction between the original and the copy.
The potential of NFT technology
NFT is currently being used in the art market, among others: artists trading in digital works have so far been at a disadvantage in that their works could easily be duplicated and illegally distributed, with the original being indistinguishable from the copy.
Thanks to non-fungible tokens (the full name is replaced here by the English abbreviation NFT) this is impossible, as it is impossible to separate a digital file from the token assigned to it. The potential of this technology has been recognised by representatives of various industries.
How does NFT work?
Non-convertible tokens are digital files that can be linked either to some digital asset – e.g. a photo, a graphic, a post – or to a tangible object, e.g. real estate, footwear or haberdashery. It is a kind of certificate of authenticity. NFT files cannot be copied, they circulate from one wallet to another. These files are unique and form part of the blockchain. They confirm the originality of the associated file. And while it can be duplicated, the original is only one, not to be copied.
The list of all transactions it has been the subject of, as well as information about the amounts for which it has been sold and bought, the buyers, sellers, block number and time of exchange, are no secret: any internet user can see them. Trading of a non-fungible token linked to a specific file or tangible object takes place within the blockchain network.
Posts as “collector’s items”
In a Q&A session, Adam Mosseri, Instagram’s CEO, shared an idea with internet users that has a good chance of coming to fruition. This includes a new functionality for marking posts on the platform as “collector’s items”. What’s more, users will be able to link their creations to their profile photos.
While this is not officially confirmed, there is no reason to believe that Mosseri is deliberately misleading users. Work on the possible applications of NFT in the popular social network is still ongoing and should bear the first fruits in the more or less distant Future.
Digital external wallets
Mentions of progress on integrating the platform with NFT appeared in the media in October. At the time, Alessandro Paluzzi, an Instagram developer, shared screenshots of sample NFT-labelled works. He also announced that the service would include an option to link profiles and tokens to external digital wallets such as MetaMask, Coinbase, TrustWallet or Novi.