We’ve seen Instagram evolve from a photo-sharing platform, to an e-commerce platform and as of late 2022, Instagram began to introduce NFTs as a feature for some users. Instagram users have had the ability to share NFTs on their profiles, signaling ownership of a digital asset (1).
NFTs and blockchain technology are gradually creeping into more and more areas of our lives. This begs the question- Are NFTs useful in the customer-facing side of the business or should we leave them to the IT department?
It may surprise you to know that there are a few ways that businesses may have you using NFTs in the next few years.
One of the prominent ways is in managing subscriptions. Requiring users to demonstrate their membership with a digital asset solves the issue of shared memberships that Netflix is currently attempting to overcome (2).
Last year, Tennis Australia launched the Australian Open ArtBall project on the Ethereum blockchain (3). This involved the release of 6,776 digital ball artwork NFTs, each of which is linked to 19 cm x 19 cm plots of the Melbourne Park tennis court.
Ownership of an NFT signals membership to Tennis Australia, including perks such as: ground passes for final weeks and exclusive grand slam behind-the-scenes footage. The value of your digital ball is determined by the stats of the game. If you are lucky enough for the match point to land on your plot, your asset value will shoot up.
Subcriptions and Tennis Australia are just a couple of examples of how blockchain technology and NFTs can be used by businesses to enhance their customer experience and participation. Whilst blockchain and NFTs haven’t caught on with the mass population here in Australia, it remains to be seen how much of this technology will shape the way Instagram will evolve as a platform.
1. Instagram adds NFTS – https://about.instagram.com/blog/announcements/digital-collectibles-instagram-nft-creators
2. Netflix cracking down on password sharing: https://www.vanityfair.com/hollywood/2022/10/netflix-wants-you-to-pay-for-your-freeloading-friends
3. Tennis Australia NFT project: https://ao-2023.artball.io/