Twitter, Instagram may be integrating NFT auctions into their platforms

NEW DELHI: Social media giants Instagram and Twitter may be looking to implement non-fungible tokens (NFTs) into their platforms. According to developer Alessandro Paluzzi, the two platforms are looking to put collectible labels that signify an NFT auction associated with a certain post. It will allow creators to sell digital items through the social media services, and possibly give them new monetisation features.

Of course, neither platform has publicly announced these features, and it’s unclear how they will implement it. Paluzzi’s posts says there will be collectible labels on posts, and users will even be able to bid on NFT auctions, share their results in Stories etc. So it’s likely that the companies will partner with popular NFT platforms to facilitate these services.

Both Instagram and Twitter have been working on new features that would allow creators to monetise their posts too, so it’s possible that NFTs are part of those services. “We need to create if we want to be the best platform for creators long term, a whole suite of things, or tools, that creators can use to help do what they do,” Adam Mosseri, head of Instagram had said earlier this month.

Twitter recently introduced a Super Follow feature, a subscription service of sorts, which allows creators to distribute premium content through the platform. Instagram is said to be working on a similar feature, which will allow creators to share premium content through the Stories feature.

The popularity of NFTs as a medium for selling digital items has been growing over the past year. Digital artists like Grimes have sold digital art in the form of NFTs for millions of dollars. The technology was also endorsed by Tim Berners Lee, the inventor of the Internet, who sold the Internet’s source code for $5.4 million in an NFT auction conducted by Sotheby’s last month.