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Instagram Launches Initial Test of NFT Display Options, Which Are Also Coming to Facebook Soon

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Based on at least some recent numbers, the air appears to leaking out of the initial NFT bubble, which means that if Meta wants to get in on the tail end of the hype, it needs to go now with its launch of NFT showcase features.

As such, it comes as little surprise to see Instagram’s long in-development NFT display options are now getting an initial release.

As announced by Instagram chief Adam Mosseri, IG is launching an initial test of its new NFT features with selected creators in the US. The process will include integrations for Ethereum and Polygon, with additional support for Flow and Solana coming soon. NFT owners will be able to connect their Rainbow, Trust Wallet and MetaMask accounts to verify NFT ownership.

Users will be able to display their NFTs on the main IG feed, within Stories or in Direct Messages. While there’ll also be a new NFT tab added to participating accounts, with a tick in a hexagon to indicate verified NFTs.

Instagram NFTs

You can see in this image that the hexagon tick indicator will also be included on NFT images posted within your main post feed.

Instagram’s been developing the option since June last year, with initial examples showing how IG could not only showcase your NFTs, but facilitate NFT sales as well, merging into the broader digital products market.

Instagram Collectibles example

You can see in this example how NFT bidding could eventually be integrated into the process, providing a more complete connection into the broader NFT marketplace.

Meta CEO Mark Zuckerberg has also talked up the potential of NFTs, and the expanded role that digital goods will play in the coming Metaverse shift, with the clothing that you dress your digital avatars with potentially also eventually able to be minted as NFTs and tied to your digital identity.

But as noted, NFT trading has been on a steady decline since its initial hype period. A recent report in The Wall Street Journal noted that there’s been a 92% decline in NFT sales since September, and an 88% decline in active wallets since November.

That reduced demand has also crashed the value of some big name NFTs.

As per WSJ:

“An NFT of the first tweet from Twitter co-founder Jack Dorsey sold in March 2021 for $2.9 million to Sina Estavi, the chief executive of Malaysia-based blockchain company Bridge Oracle. Earlier this year, Mr. Estavi put the NFT up for auction. He didn’t receive any bids above $14,000, which he didn’t accept.”

NFT enthusiasts have questioned these data points, suggesting that they’re cherry-picked examples, but the broader trend, based on industry stats and projects, does suggest that NFTs are cooling off, at least in their current form.

Which is probably the most critical point. As Zuckerberg notes, the potential of NFTs expands well beyond the current flood of cartoonish avatar pictures, with seemingly thousands of ‘artists’ throwing together all manner of random images in the hopes of cashing in.

Those PFP (profile picture) projects do indeed seem to be waning in popularity, but eventually, there will be ways to use the back-end process of NFTs to display ownership of a broad range of digital items.

So while NFT as we currently know them seem to be on the way out, the process they embody could well become a key foundation of the next stage.

Which is likely why Meta is pushing ahead, even if people appear to be getting a little sick of them – and with so many rug pulls and rip-offs, and so many crappy ‘projects’ in the space, it’s no surprise to see people turning away.

But there is still underlying potential, while many people are already well invested in the current NFT space.

In addition to today’s launch, Zuckerberg also notes that NFT display options are coming to Facebook soon, along with augmented reality NFTs for Instagram Stories.

Will that lead to broader adoption of NFTs, or is it just a means for Meta to latch onto the initial hype phase before they die out?

We’ll soon find out, as NFTs become more widely viewable across Meta’s apps.

More info on Instagram’s NFT display features:

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How to Successfully Use Social Media: A Small Business Guide for Beginners [Infographic]

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How to Successfully Use Social Media: A Small Business Guide for Beginners [Infographic]

Are you a small business owner or marketing manager, just getting started on building your social media strategy? Need to learn the basics before launching your first social media campaign?

In this infographic, Sprout Social shares social media tips broken down as follows:

  • Who uses social media?
  • What does social media do for you?
  • Define your goals
  • Targeting your audience
  • Choosing a platform
  • Social media metrics

Check out the infographic below to learn more.

How to Successfully Use Social Media: A Small Business Guide for Beginners

Sprout Social

 

 

 

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Moore Digital Names Two Executives To Serve Nonprofit Fundraisers 02/07/2023

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Moore Digital Names Two Executives To Serve Nonprofit Fundraisers 02/07/2023

Moore Digital, which assists nonprofit clients with fundraising, has named Adva Priso as chief strategy officer and Bonnie Huey as senior vice president of
digital media.

They are joining a team of “more than 70 top digital experts from across the for-profit and nonprofit industries, including strategists,
media planners and …



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Pinterest Now up to 450 Million Active Users, Posts Solid Numbers in Latest Performance Report

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Pinterest Now up to 450 Million Active Users, Posts Solid Numbers in Latest Performance Report

Pinterest has posted its Q4 and full-year earnings for 2022, showing steady increases in both users and revenue, as it continues to build out its various offerings.

First off, on users, Pinterest added five million more active users – most of them coming from Europe – within the final measurement period of last year.

That’s a good sign for Pinterest, which actually lost users in early 2021, after the COVID-induced boom in eCommerce activity of the previous year, which saw the platform post record high usage numbers.

Many analysts and businesses seemed convinced that the COVID boost to online shopping would hold, even after the pandemic ended. That lead to companies like Meta, Google, Amazon and Twitter investing big into commerce solutions – but many of the staff they put on were eventually culled in the most recent round of lay-offs, because once physical stores re-opened, people actually did go back to shopping as normal, as opposed to continuing to rely on online options.

Pinterest felt that the most, but now, it’s steadily building back up again, as it continues to refine its solutions around evolving shopping behaviors. Which includes video content.

Pinterest’s big winner on this front has been Idea Pins, its Stories-like option which presents uploaded video in a swipeable, full-screen display.

Pinterest Ideas Festival updates

The emphasis on this format has helped boost the platform’s appeal with younger audiences, with Pinterest reporting that Gen Z was the fastest-growing demographic on the platform, increasing double digits year over year.

“Gen Z sessions grew much faster year over year than sessions from older demographics, while nearly half of all new videos pinned in Q4 were from Gen Z users.”

Pinterest also says that sessions continued to grow faster than MAUs, an indicator that it’s driving better engagement overall, while it also increased its overall video supply by 30%, another marker of the popularity of Idea Pins.

Because you can’t post video as a native pin anymore, only in Idea Pins (or paid ads), underlining the focus on the format, and Pinterest’s evolving usage.  

On the revenue front, Pinterest posted a 4% year-over-year increase, after bringing in $877 million Q4.

Pinterest Q4 2022

As you can see in this chart, Pinterest’s revenue is climbing steadily, though its revenue splits remain concerning:

Pinterest Q4 2022

Or maybe you see this as an opportunity, with Pinterest still able to potentially eek out a lot more revenue from regions outside of the North American market. Definitely, it’s got some work to do in that ‘Rest of World’ bracket.

But Pinterest is still developing, and is still expanding its ad and business offerings into new regions. So there is, indeed, potential there – yet the size of the gap here is a concern.

Still, there is growth, slowly but surely, and maybe, if you’re a believer, you can see more ways for Pinterest to generate much bigger revenues moving forward.

Pinterest remains focused on shopping, and highlighting relevant products to users, with its ever-evolving recommendation engine providing better content matches to more users every day. It’s also investing in live-stream shopping, a trend that all platforms hope will catch on in western markets, while it’s developing more presentation tools for Idea Pins to capitalize on that engagement.

In combination, these approaches are working – but at the same time, usage growth in your local market may have stalled, going on these charts.

And of course, while overall growth is interesting, what marketers want to know is whether their customers are there.

For this, you can use Pinterest Trends, which enables you to search for the most popular Pin trends by region.

Pinterest Trends

Tap into these with Idea Pins and you’ll likely be on the right path, based on these latest insights from the app.

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