Zuckerberg plans to turn Instagram into NFT marketplace | Hacker News Reader

Zuckerberg plans to turn Instagram into NFT marketplace

nftnow.com

17 pointsnowherebeen5 comments

Sorry I'm just going to laugh a bit hysterically now.

Zuck seems like he's a bit short on the readies seeing as how governments all over the world have just realised how dangerous he really is with his Facebook thing and are sinking their fangs (or is it hooks?) into Meta so he's gone into NFTs and all this cobblers about virtual reality.

I can't wait until it goes defunct. Good riddance!

The closing line is a stretch. Seems more likely that instagram going towards NFTs is cementing its irrelevance, rather than improving NFTs.

Isn't this all just a convoluted way to have TF2 hats?

I'd think of it more like Patreon (in non-scammy cases, at least). Today, if you have an instagram where you post cool astronomy photography, and you'd like to make some money from your growing following, your options are try and become an "influencer" and find a sponsor, or sell prints.

This adds another option to support your favorite creators: just "buy" some posts that you like. Also makes it easy to give your fans special access to things later (just like Patreon, but not tied to one platform).

But there's no reason for any of this to be NFTs - it can behave like any art marketplace and just sell prints and/or licenses. In fact, licenses would actually grant you legal rights that are recognized by most courts out there, unlike NFTs.

That's like saying "but there's no reason for any of this to be websites." You could theoretically do this without NFTs, but no one has and NFTs already have tons of traction. You have to store the database of who owns what digitally somewhere, on-chain is just more durable and composable.

Implementing as NFTs makes the data platform-independent. And it's easy to assign licenses to the NFT (and therefore the holder of the NFT), you literally just say "the holder of this NFT owns copyright for this image... etc". Tons of NFT collections implement this! =)

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