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Instagram is rolling out a new feature called Digital Collectibles in an effort to enable businesses and creators to capitalize on NFT technology.

Initially launched in May, NFT support is now rolling out to 100 countries around the world.

What are NFTs?

Who knew we would be using the term “non-fungible” so much these days?

NFTs are one of the features of the future that get mentioned in conversations dealing with subjects like cryptocurrency, Web3, and the metaverse. Short for “non-fungible tokens,” NFTs are digital, one-of-a-kind items whose ownership can be irrefutably proven using blockchain technology. When an NFT is “minted,” the ownership is stored and recorded in a public, distributed database (a blockchain) where any change in ownership will also be recorded.

If you’re interested, there is a lot more to learn about how to create, buy, and sell NFTs. Check out Meta’s beginners guide for a good starter.

How Will This Work on Instagram?

Here are the key features for Insta’s Digital Collectibles:

• Connect a digital wallet to share NFTs into the app. (Instagram currently supports Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet.)

• Automatically tag both a creator and collector for attribution.

• Share the art in the Instagram Feed, Stories, or in messages.

• The post will have a shimmer effect.

• You can display common NFT metadata such as the description of the NFT.

Why should businesses be interested in this?

Instagram is excited about the possibilities:

“By enabling businesses around the world to share their NFTs on Instagram through our digital collectibles feature, businesses win with new pathways for creator connections and community building.”

— Instagram Business Blog

Of course, the NFT market could be very profitable for platforms like Meta who stand to win big.

But businesses on the platform may also find unique opportunities to create unique, exclusive, and authentic experiences and products for users. It also could facilitate new opportunities for partnership with creators on the app.

Why it Matters

NFTs are one of those concepts that seems to pop up from time to time these days. You may see them in Twitter profile pics or promoted for sale by creators in the Instagram feed (or ridiculed for environmental concerns).

But this may be one of the surest signs so far that the fad could become the real deal very soon.

This is worth keeping an eye on.