Instagram is now an NFT marketplace after announcing its latest update for its digital collectibles feature. The photo and video-sharing social networking service owned by Meta Platforms revealed this week that the marketplace feature would first be tested by a small group of creators on IG.

After this, Instagram said that it would start allowing digital creators to mint and sell NFTs directly from its platform, making IG a new marketplace for virtual goods. As per CoinDesk, the company introduced the Digital Collectibles function not long ago, and users in 100 countries were able to link their digital wallets to their Instagram accounts.

The new feature made it possible for users to put the NFTs they purchased or made on display after the account linking. The digital tokens are displayed on the feed with a glittery effect to show the authenticity of the virtual asset.

In the latest Instagram update, the feature was developed further to let creators create their own digital collectibles and sell them if they want in or outside the platform. Users are provided with an end-to-end toolkit for minting, displaying, and selling of their NFTs.

This is initially on trial for a small group only, and Instagram said they are Amber Vittoria, Dave Krugman, Jason Seife, Refik Anadol, and several other select creators.

Krugman was chosen to be one of the testers of the new IG’s NFT marketplace. He said in an interview that he is very excited to test out the new tools. He cannot wait to try it since it will allow him to share the NFTs he created with the community.

“In the age of interconnected creative communities, the name of the game is incentive alignment. If the things that benefit my audience also benefit me, we are able to create a social symbiosis,” he told NFT Now in an interview.

Krugman further explained that digital tokens form a financial tie between collectors and the creator, and this follows their preferences. “When someone owns a digital asset that I created, the value of that asset is tied to my own creative success. Thus, our incentives are aligned at a deep level - we share a common goal, and that creates a healthier connection between the community and the creator,” he said.

Photo by: Brett Jordan on Unsplash