The non-fungible token (NFT) industry has seen some market turmoil over the past few months, but that hasn’t stopped both Twitter and Instagram from making moves towards an industry that could be worth an estimated $231 billion by 2030.
This comes on the heels of Twitter recently announcing NFT Tweet Tiles and Instagram releasing a bunch of different NFT-related tools, and many NFT enthusiasts have naturally started debating which one will come out on top as the social media platform to transition to NFTs.
With its unique value proposition and recent events, it’s clear that Instagram currently has more of its advantage than Twitter when it comes to NFT integration.
The value of merging on Instagram
A major determinant of supporting Instagram as having more NFT capabilities than Twitter is its unique value proposition.
Looking at the core offering of Twitter, most would agree that it is a micro-blogging platform where users can share short messages (tweets) of up to 280 characters and are mainly used to share news, opinions, and ideas with a wider audience.
On the other hand, Instagram can be described as a visual social media platform that is mainly used for sharing photos and videos and has more focus on personal expression and creative self-presentation.
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Given how highly visual NFTs are by nature, Instagram’s value proposition actually makes it more conducive to NFT integration, since their user experience and interface are much more immersive and slick when it comes to visuals than Twitter’s, which is primarily designed for quick information retention instead.
Another important component to consider is the audience base.
While they both have strong millennial and Gen Z user bases, not only does Instagram have a much larger user base of 1.3 billion (compared to Twitter’s 365 million), but its engagement rate is much higher than what is found on Twitter, Instagram boasts Much higher involvement in most areas (including art). As a result, Instagram has a much more established footprint when it comes to brand marketing, and while much of NFT’s current focus is on community art and commerce, the most compelling (and potentially lucrative) NFT use case is in the fashion and lifestyle industry, which could use Instagram photo gallery user interface and various sharing tools to effectively implement NFT integration and marketing initiatives.
But this does not mean that Instagram is superior to Twitter in all aspects.
What Twitter is aiming for is that its user base is more crypto-savvy and, therefore, more familiar with the technological and financial advantages found in NFTs. This means that there are already enthusiasts on Twitter ready to interact with his NFT offerings.
However, since mass adoption is the ultimate goal for NFTs, it is important to note that a product that is best suited for integration is more important to long-term growth than the above, and thus, what Twitter is currently doing is not doing so. It outweighs Instagram’s Unique Value Proposition (UVP), which is about photo and video sharing first and foremost.
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The evolution of Twitter under the leadership of Elon Musk
Another strong indication that NFTs have a brighter future on Instagram is the current trajectory of Twitter and its products management.
With Twitter recently coming under the ownership and leadership of Elon Musk, there have been worrying developments that may further affect the social media platform’s suitability for being a go-to hub for NFTs.
This stems from Musk having committed a cardinal sin by firing nearly 50% of his workforce, which, although some might argue may have some advantages in some areas, has also led to some concern regarding the lack of Copyright censorship, questionable accounts rework, and concerns about a lack of artistic talent for further developmental growth.
Weekly NFT sales volume from November 2021 through January 2023. Source: Nansen
When it comes to a lack of copyright oversight, Twitter has faced serious copyright violations as a result of its false copyright alert system, which has resulted in users having the ability to do things like upload full-length movies to the platform. The impact of permissive protocols for copyright infringement on NFTs is self-explanatory.
The recent cutbacks also involved content moderators whose job it was to curb misinformation, and unsurprisingly, there has since been a marked increase in the latter, while highly divided accounts have also been reinstated en masse. This, in turn, has led to many users leaving the platform in search of alternatives, such as Mastodon, and seeing how NFTs rely on strong and inclusive communities, Twitter’s new, divisive environment does not bode well for its NFT plans.
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