Instagram is widely regarded as the biggest platform for images. What first started out as a picture sharing social network became much more than just that. It has grown into one of the biggest social media outlets next to facebook, YouTube and TikTok. Filled with selfies, short clips and stories the main feature that every user is still using is the ability to share an image. Mostly taken by its users from their own smartphone. The way to easily take a picture within a few seconds and upload it for everyone to see and like is still the key reason why it still wears the crown as the number 1 spot for pictures. And the numbers just prove that it’s still the king of all image sharing platforms.
With over 10 years in existence, Instagram has amassed over 1 billion active users and generated an active community that even set a world record for the most liked egg. (currently at 55 million likes/April 2021)
If you were around when Instagram didn’t have stories, pictures of food or young, rich and beautiful people just living their life you may remember when the images were mostly artistic and had a bigger ratio of artists compared to influencers. But It’s fair to assume that the growth of the Instagram community was also one of the biggest factors why some of these social media influencers became kind of celebrities. And they made well use of it, they could reach a bigger audience and brands were willing to pay for that.
But we already know all of that. What we don’t know is:
Who will become the biggest NFT platform in the future?
There are already some NFT marketplaces out there and some of them could even be considered as full NFT platforms. But if Instagram could manage to find a way to implement NFT’s, it would catapult it to new levels, cement its dominance and also secure its future. Not that it would need to secure its future. Instagram is owned by facebook and does not need NFT’s. It is very popular and profitable as a business. At least for now. And there is always the option to buy out the competition as long as they are small enough and not a real threat.
But imagine if Instagram would make that jump and embrace the uniqueness of digital items like NFT’s. It would instantly make a lot of their competition in the space obsolete. That would be it. Done. End of the story. How could anyone in the NFT space no longer compete with Instagram? They most likely couldn’t. Like no one can compete with facebook, YouTube, or Google.
But if a competitor finds a way to create a community and establishes an easy to use home for NFT’s, just like Instagram but with and for NFT’s, the crown as the king of sharing pictures could definitely be in danger. History reminds us that if tech companies don’t innovate the competition that is hungry for disruption will replace it.
From this point forward we can expect that it’s a matter of time until NFT’s find a home and will be tied to one big platform. A go-to place for NFT’s. Where everyone looking for NFT’s will go without putting too much thought into it. It’s the rule of the stronger and survivor. Just pure evolution. It might take some time and there will be others competing for that title of “Home for NFT’s” but it will eventually happen.
Just like YouTube is known for videos, Facebook is known for connecting people there will be a place for NFT’s. The question is where will it be? So the other questions still remain.
Could Instagram become the biggest NFT platform?
Yes they could…