Instagram explores new feature that could potentially make a fortune for some users



Instagram has grown into a social network with over 2 billion monthly active users. And with a staggering $ 17.4 billion in ad revenue last year, it’s clear its users aren’t coming to the photo-sharing app just to shop. But clothing, Disney vacations, and auto insurance might not be the only types of things you will soon be able to purchase on the app.

Instagram is “actively exploring” a new feature where users can buy and sell cryptocurrency, creating a new revenue stream that could generate billions for the app, billions more for Meta, as well as a brand new wave of Instagram influencers taking advantage of the opportunity to sell through the social network.

Granted, Instagram probably isn’t on a mission to compete with Ethereum as a destination to buy and sell non-fungible tokens (NFTs), digital assets stored on a blockchain, such as graphics, photos, GIFs, or even. Tweets. Yes, Tweets. For example, Jack Dorsey’s very first Tweet sold for $ 2.9 million in NFT.

What Instagram does is leverage its massive user base to promote its parent company, Meta, and more specifically, its vision for the metaverse – a genius business initiative.

If Instagram continues with the new feature, the current concept is that you could buy and sell NFTs on the platform, which would be displayed to the public (or to subscribers for those with a private account) under a separate tab in the profiles of the users. users called it “collectibles.” Applying its same social proof principles to generate interest, this would in turn spur more conversations and sales on the spot.

In fact, this month alone, global research interest in “NFT” for the first time overtook “crypto” globally, according to data from Google Trends.

While this may seem like a catch to maintain relevance, it is a potentially major step in the continued growth of the business following the transition from Facebook to Meta. As we’ve seen, Instagram continues to grow and evolve into a platform where users will search, buy, and be entertained, much like a metaverse.

Instagram is rooted in social proof, an incredibly powerful selling tool, and the introduction of crypto trading on the platform will have the same impact. While this may have the benefit of providing open and easy access to buying and selling, it could have a number of effects. On the one hand, it will increase the adoption of decentralized currency and assets, while on the other hand, if it is not supported by education, many cryptocurrencies fear that it will create a bubble. .

But of course, it’s not just about buying NFTs. It’s also about selling NFTs – something anyone can do with the content they own. In many ways, the introduction of the Collectibles tab seems like a normal step for an app where around half a million users collectively earn millions as influencers. Especially where many make a living not by posting photos, but by selling their photos to brands.

What it does is open the door for anyone to make money directly through the Instagram platform, not just businesses. This creates a major opportunity for its users to operate the app not only for entertainment, but to earn income.

It’s a great idea that allows the social network to stay relevant in an ever-changing age, while still staying true to the brand. But more importantly, it also helps increase adoption of metaverse-type and metaverse-type businesses. In other words, it would offer more value to its users by offering what its users already come to the app for.

This strategy is also not reserved for companies that own more than one company. Small businesses often employ this strategy by using particular products or services as lead products to bolster higher profit products or services. It works at all scales when it comes to giving consumers what they want. In Instagram’s case, this allows people to share their life with others, whether it’s a meal, a vacation, or its NFT collection.

The opinions expressed here by the columnists of Inc.com are theirs and not those of Inc.com.


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