Instagram, the popular photo and video-sharing social media platform, has recently launched a new feature called “digital collectibles.” Instagram shared its plans to enter the NFT display and marketplace game around March 2022, but they took tangible steps around May. First rolled out to a limited group of people, the collectibles on Instagram have the ability to be shared, created, bought, and sold on Instagram. Blockchain technology is used to record who owns them.
So how does this work? First, you connect one or multiple digital wallets to your Instagram account. Currently, Ethereum, Polygon, Solana, and Flow blockchains are supported. To allow you to connect your third-party digital wallet to Instagram, they collect and organize public blockchain data and link it to your Instagram account when you connect your wallet.
After going through some requirements, if you’d like, you can create digital collectibles. When you create collectibles, you can add them to your wallet or sell them on Instagram. At this point, you can only buy digital collectibles created on Instagram but can view all others. After you’ve purchased collectibles, they’ll be added to your connected wallet. You can buy digital collectibles on Instagram using payment methods stored in your Apple App Store or Google Play Store accounts, and you cannot use cryptocurrency.