Instagram has grown into a social network of over 2 billion monthly active users. And with staggering ad revenue of $17.4 billion last year, it’s clear that its users aren’t coming to the photo-sharing app to simply window shop. But clothing, Disney vacations, and car insurance may not be the only types of things you can soon buy 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 whole new wave of Instagram influencers who take advantage of the opportunity to sell via the social network. Granted, Instagram isn’t likely on a mission to rival Ethereum as a destination to buy and sell non-fungible tokens (NFTs), digital assets that are stored on a blockchain, such as graphics, photos, GIFs, or even Tweets. Yes, Tweets. For example, Jack Dorsey’s first ever Tweet sold for $2.9 million as an NFT. What Instagram is doing is leveraging its massive userbase to promote its parent company, Meta, and more specifically, its vision for the metaverse–a genius business move. Should Instagram pursue the new feature, the current concept is that you could buy and sell NFTs over…
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Instagram Is Exploring a New Feature That Could Make Some Users a Fortune | Inc.com
