The nonfungible token (NFT) industry has experienced some market turbulence over the past few months, but this hasn’t stopped both Twitter and Instagr
The nonfungible token (NFT) industry has experienced some market turbulence over the past few months, but this hasn’t stopped both Twitter and Instagram from making moves into an industry that some estimate could be worth $231 billion by 2030.
This comes off the back of Twitter having recently announced NFT Tweet Tiles and Instagram releasing an array of different NFT-related tools, and many NFT enthusiasts are naturally starting to deliberate which one will come out on top as the go-to social media platform for NFTs.
Going by their unique value proposition and recent events, it is evident that Instagram currently has more in its favor than Twitter when it comes to NFT integration.
The value of integrating on Instagram
One of the key determining factors for upholding Instagram as having more NFT potential than Twitter is its unique value proposition.
When looking at Twitter’s core offering, most would agree that it is a microblogging platform where users can share short messages (tweets) of up to 280 characters and is primarily used for sharing news, opinions and thoughts with a wider audience.
Instagram, on the other hand, can be characterized as a visual social media platform that is mainly used for sharing photos and videos and is more focused on personal expression and creative self-presentation.
Related: Crypto fans should get behind Elon Musk’s subscription model for Twitter
Given how NFTs are highly visual in nature, Instagram’s value offering already makes it much more suitable for NFT integration, as its user experience and interface are much more immersive and slick when it comes to visuals than Twitter, which is primarily designed for rapid information retention instead.
Another important element to consider is the audience base.
Whilst both have strong Millennial and Generation Z user bases, Instagram not only has a much larger user base at 1.3 billion (compared to Twitter’s 365 million), but its engagement rate is much higher than what is seen on Twitter, with Instagram boasting much higher engagement in most areas (including art). As a result, Instagram has a much more established footprint when it comes to brand marketing, and although much of the current NFT focus is on community art and trading, the most compelling (and potentially lucrative) NFT use case is within the fashion and lifestyle industry, which can use Instagram’s gallery-esque user interface and diverse sharing utilities to effectively carry out NFT integration and marketing initiatives.
But this is not to say that Instagram outshines Twitter in all aspects.
What Twitter has going for it is that its user base is more crypto-native and, therefore, more familiar with the technological and financial benefits found within NFTs. This means that there are already enthusiasts on Twitter who are ready to engage with its NFT offerings.
However, given how mass adoption is the end goal for NFTs, it is important to note that a more suitable product for integration is more important for long-term growth than the aforementioned, and thus, what Twitter currently has going for it doesn’t outweigh Instagram’s unique value proposition (UVP), which revolves around photo and video sharing first and foremost.
Twitter’s evolution under Elon Musk
Another strong indicator that NFTs have a brighter future on Instagram is the current trajectory of Twitter’s management and product.
With Twitter having recently come under the ownership and leadership of Elon Musk, there have been worrying developments that may further impact the suitability of the social media platform for being a go-to hub for NFTs.
This stems from Musk having made a cardinal sin by firing close to 50% of its workforce, which, although some might argue may have some merit in certain areas, has also led to some concern with regard to the lack of copyright oversight, questionable accounts being reinstated, and concerns regarding a lack of technical talent for further development growth.
When it comes to lack of copyright oversight, Twitter has experienced serious copyright breaches as a result of its faulty copyright strike system, resulting in users having the ability to do things such as uploading full-length movies onto the platform. The impact of lax copyright infringement protocols on NFTs needs no explanation.
The recent cuts have also included content moderators whose job it was to curb misinformation, and unsurprisingly, there has since been a noticeable increase of the latter, while highly divisive accounts have also been reinstated en masse. This, in turn, has resulted in many users leaving the platform for alternatives, such as Mastodon, and seeing how NFTs rely upon strong and inclusive communities, Twitter’s new divisive environment does not bode well for its NFT plans.
Related: Facebook is on a quest to destroy the metaverse and web
In terms of concerns regarding Twitter’s tech…
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