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INSTAGRAM | META | NFTs | EXERCISE
Instagram, a popular social media application and a group of the Meta organization, has started a project on its platform to test the use of NFTs (non-fungible tokens).
NFTs are digital collectibles, a form of digital art created on a blockchain that has a unique digital token that cannot be copied, replaced, or divided, and is used to guarantee ownership and authenticity.
According to Meta’s advertising tools, it indicates that Instagram has 580,000 Ugandan users by the beginning of 2022. Instagram is popular among young adults in Uganda. Journalists, musicians, producers, and artists use the platform regularly for exposure and commercial revenue.
If the trial of the use of NFTs in the USA is successful, then a large part of the youth will join the wealth class that makes billions of dollars every year, thus providing jobs and income for the direct producer.
Some of the top NFTs, such as the Bored Ape Yacht Club, feature chimpanzees in their collections, but most of these wild animals, such as gorillas and monkeys, are found in Uganda, especially in the Bwindi Impenetrable National Park. Profits from NFTs like Bored Ape that go directly to helping wildlife are not understood.
With the new Instagram NFTs, many creators and organizations will create independent sources of income without relying on other very successful projects.
Natalie Amrossi, a street photographer who goes by the name Misshattan on Instagram says she has used the Instagram feature to drive awareness and increase sales.
“The NFTs have opened the doors to new opportunities for me and other artists around the world. This new technology provides another way to live and connect with our fans. Instagram has helped shape our work for many creatives, including me, and now our community can share our work on the platform,” he said.
All they need is to link their account to Instagram to buy, create or sell an NFT. According to the Instagram announcement page, it says that the following wallets can all be connected, wallet, metamask, trust wallet, rainbow, and wallets.
“There is no cost associated with posting or sharing a digital collection on Instagram,” the Instagram blog reads. Instagram also confirms that the only blockchains supported are Ethereum, Polygon, and Flow.
The expansion of this program is already happening in 100 countries in Africa, Asia-Pacific, Middle East, and America. Instagram aims to make this technology accessible and inclusive. NFTs allow creators to communicate and monetize their work outside of traditional channels.
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