Instagram Is Working On “Collectibles”

Instagram continues to work on improving its interface and addition of new features. In the latest updates, Instagram is working on “Collectibles“. Popular app developer Alessandro Paluzzi on his twitter shared images of what Collectibles will look like.

From the images in the tweet we can presume that the feature will allow users to bid and win a part of the owner’s collectible, which when shared will notify the owner too. The owner can also choose to repost the bidder’s story. Collectibles will be like NFTs (non fungible tokens).
According to Wikipedia, “NFT is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files. Access to any copy of the original file, however, is not restricted to the buyer of the NFT. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with a proof of ownership that is separate from copyright.”  Furthermore in 2021, there has been increased interest in using NFTs.
NFTs can represent digital collectibles like physical card collections, however in a completely digital format. In February 2021, a LeBron James slam dunk NFT card on the NBA Top Shot platform sold for $208,000.

Not much is known about this feature as it is still a work in progress (WIP). But we can only assume that it will be released soon.