Instagram NFTs Are Here… How does this affect artists?
Instagram (IG) is officially joining NFT. With the debut of new in-app NFT functionalities, influential producers can interact with blockchain tech on the social media platform.
Meta unveiled intentions for an Instagram NFT marketplace in March, but these latest capabilities focus more on content sharing than commerce. And why shouldn’t they? IG's entry into the NFT market is overdue, given that Twitter and Discord are NFT hotspots.
The NFT marketplace/Web3 social media race has continued to expand, with the expected Coinbase NFT Beta now live and blazing a trail through the NFT ecosystem.
IG's focus is on visual art. It's unlike any NFT marketplace or platform. IG NFTs and artists: what's the deal? Let’s take a look.
What are Instagram’s NFT features anyways?
As said, not everyone has Instagram's new features. 16 artists, NFT makers, and collectors can now post NFTs on IG by integrating third-party digital wallets (like Rainbow or MetaMask) in-app. IG doesn't charge to publish or share digital collectibles.
NFTs displayed on the app have a "shimmer" aesthetic effect. NFT posts also have a "digital collectable" badge that lists metadata such as the creator and/or owner, the platform it was created on, a brief description, and a blockchain identification.
Meta's social media NFTs have launched on Instagram, but the company is also preparing to roll out digital collectibles on Facebook, with more on the way for IG. Currently, only Ethereum and Polygon are supported, but Flow and Solana will be added soon.
How will artists use these new features?
Artists are publishing NFTs they developed or own on IG by linking third-party digital wallets. These features have no NFT trading aspects built-in, but are aimed to let authors share NFTs with IG audiences.
Creators, like IG-native aerial/street photographer Natalie Amrossi (@misshattan), are discovering novel uses for IG NFTs.
Amrossi chose to not only upload his own NFTs but also encourage other artists in the field. "That's the beauty of connecting your wallet and sharing NFTs. It's not just what you make, but also what you accumulate."
Amrossi has been producing and posting Instagram art for years. With IG's NFT features, she can understand Instagram's importance in supporting artists.
Web2 offered Amrossi the tools to become an artist and make a life. "Before 'influencer' existed, I was just making art. Instagram helped me reach so many individuals and brands, giving me a living.
Even artists without millions of viewers are encouraged to share NFTs on IG. Wilson, a relatively new name in the NFT space, seems to have already gone above and beyond the scope of these new IG features. By releasing "Losing My Mind" via IG NFT posts, she has evaded the lack of IG NFT commerce by using her network to market her multi-piece collection.
"'Losing My Mind' is a long-running photo series. Wilson was preparing to release it as NFTs before IG approached him, so it was a perfect match.
Wilson says the series is about Black feminine figures and media depiction. Respectable effort, given POC artists have been underrepresented in NFT so far.
“Over the past year, I've had mental health concerns that made my emotions so severe it was impossible to function in daily life, therefore that prompted this photo series. Every Wednesday and Friday for three weeks, I'll release a new Meta photo for sale.
Wilson hopes these new IG capabilities will help develop a connection between the NFT community and other internet subcultures that thrive on Instagram.
“NFTs can look scary as an outsider, but seeing them on your daily IG feed makes it less foreign,” adds Wilson. I think Instagram might become a hub for NFT aficionados, making them more accessible to artists and collectors.
What does it all mean for the NFT space?
Meta's NFT and metaverse activities will continue to impact Instagram's NFT ecosystem. Many think it will be for the better, as IG NFT frauds are another problem hurting the NFT industry.
IG's new NFT features seem similar to Twitter's PFP NFT verifications, but Instagram's tools should help cut down on scams as users can now verify the creation and ownership of whole NFT collections included in IG posts.
Given the number of visual artists and NFT creators on IG, it might become another hub for NFT fans, as Wilson noted. If this happens, it raises questions about Instagram success. Will artists be incentivized to distribute NFTs? Or will those with a large fanbase dominate?
Elise Swopes (@swopes) believes these new features should benefit smaller artists. Swopes was one of the first profiles placed to Instagram's original suggested user list in 2012.
Swopes says she wants IG to be a magnet for discovery and understands the value of NFT artists and producers.
"I'd love to see IG become a focus of discovery for everyone, not just the Beeples and Apes and PFPs. That's terrific for them, but [IG NFT features] are more about using new technology to promote emerging artists, Swopes added.
“Especially music artists. It's everywhere. Dancers, writers, painters, sculptors, musicians. My element isn't just for digital artists; it can be anything. I'm delighted to witness people's creativity."
Swopes, Wilson, and Amrossi all believe IG's new features can help smaller artists. It remains to be seen how these new features will effect the NFT ecosystem once unlocked for the rest of the IG NFT community, but we will likely see more social media NFT integrations in the months and years ahead.
Read the full article here
More on NFTs & Art
Nate Kostar
3 years ago
# DeaMau5’s PIXELYNX and Beatport Launch Festival NFTs
Pixelynx, a music metaverse gaming platform, has teamed up with Beatport, an online music retailer focusing in electronic music, to establish a Synth Heads non-fungible token (NFT) Collection.
Richie Hawtin, aka Deadmau5, and Joel Zimmerman, nicknamed Pixelynx, have invented a new music metaverse game platform called Pixelynx. In January 2022, they released their first Beatport NFT drop, which saw 3,030 generative NFTs sell out in seconds.
The limited edition Synth Heads NFTs will be released in collaboration with Junction 2, the largest UK techno festival, and having one will grant fans special access tickets and experiences at the London-based festival.
Membership in the Synth Head community, day passes to the Junction 2 Festival 2022, Junction 2 and Beatport apparel, special vinyl releases, and continued access to future ticket drops are just a few of the experiences available.
Five lucky NFT holders will also receive a Golden Ticket, which includes access to a backstage artist bar and tickets to Junction 2's next large-scale London event this summer, in addition to full festival entrance for both days.
The Junction 2 festival will take place at Trent Park in London on June 18th and 19th, and will feature performances from Four Tet, Dixon, Amelie Lens, Robert Hood, and a slew of other artists. Holders of the original Synth Head NFT will be granted admission to the festival's guestlist as well as line-jumping privileges.
The new Synth Heads NFTs collection contain 300 NFTs.
NFTs that provide IRL utility are in high demand.
The benefits of NFT drops related to In Real Life (IRL) utility aren't limited to Beatport and Pixelynx.
Coachella, a well-known music event, recently partnered with cryptocurrency exchange FTX to offer free NFTs to 2022 pass holders. Access to a dedicated entry lane, a meal and beverage pass, and limited-edition merchandise were all included with the NFTs.
Coachella also has its own NFT store on the Solana blockchain, where fans can buy Coachella NFTs and digital treasures that unlock exclusive on-site experiences, physical objects, lifetime festival passes, and "future adventures."
Individual artists and performers have begun taking advantage of NFT technology outside of large music festivals like Coachella.
DJ Tisto has revealed that he would release a VIP NFT for his upcoming "Eagle" collection during the EDC festival in Las Vegas in 2022. This NFT, dubbed "All Access Eagle," gives collectors the best chance to get NFTs from his first drop, as well as unique access to the music "Repeat It."
NFTs are one-of-a-kind digital assets that can be verified, purchased, sold, and traded on blockchains, opening up new possibilities for artists and businesses alike. Time will tell whether Beatport and Pixelynx's Synth Head NFT collection will be successful, but if it's anything like the first release, it's a safe bet.
Tora Northman
3 years ago
Pixelmon NFTs are so bad, they are almost good!
Bored Apes prices continue to rise, HAPEBEAST launches, Invisible Friends hype continues to grow. Sadly, not all projects are as successful.
Of course, there are many factors to consider when buying an NFT. Is the project a scam? Will the reveal derail the project? Possibly, but when Pixelmon first teased its launch, it generated a lot of buzz.
With a primary sale mint price of 3 ETH ($8,100 USD), it started as an expensive project, with plenty of fans willing to invest in what was sold as a game. After it was revealed, it fell rapidly.
Why? It was overpromised and under delivered.
According to the project's creator[^1], the funds generated will be used to develop the artwork. "The Pixelmon reveal was wrong. This is what our Pixelmon look like in-game. "Despite the fud, I will not go anywhere," he wrote on Twitter. The goal remains. The funds will still be used to build our game. I will finish this project."
The project raised $70 million USD, but the NFTs buyers received were not the project's original teasers. Some call it "the worst NFT project ever," while others call it a complete scam.
But there's hope for some buyers. Kevin emerged from the ashes as the project was roasted over the fire.
A Minecraft character meets Salad Fingers - that's Kevin. He's a frog-like creature whose reveal was such a terrible NFT that it became part of history – and a meme.
If you're laughing at people paying $8K for a silly pixelated image, you might need to take it back. Precisely because of this, lucky holders who minted Kevin have been able to sell the now-memed NFT for over 8 ETH (around $24,000 USD), with some currently listed for 100 ETH.
Of course, Twitter has been awash in memes mocking those who invested in the project, because what else can you do when so many people lose money?
It's still unclear if the NFT project is a scam, but the team behind it was hired on Upwork. There's still hope for redemption, but Kevin's rise to fame appears to be the only positive outcome so far.
[^1] This is not the first time the creator (A 20-yo New Zealanders) has sought money via an online platform and had people claiming he under-delivered. He raised $74,000 on Kickstarter for a card game called Psycho Chicken. There are hundreds of comments on the Kickstarter project saying they haven't received the product and pleading for a refund or an update.
Sea Launch
3 years ago
A guide to NFT pre-sales and whitelists
Before we dig through NFT whitelists and pre-sales, if you know absolutely nothing about NFTs, check our NFT Glossary.
What are pre-sales and whitelists on NFTs?
An NFT pre-sale, as the name implies, allows community members or early supporters of an NFT project to mint before the public, usually via a whitelist or mint pass.
Coin collectors can use mint passes to claim NFTs during the public sale. Because the mint pass is executed by “burning” an NFT into a specific crypto wallet, the collector is not concerned about gas price spikes.
A whitelist is used to approve a crypto wallet address for an NFT pre-sale. In a similar way to an early access list, it guarantees a certain number of crypto wallets can mint one (or more) NFT.
New NFT projects can do a pre-sale without a whitelist, but whitelists are good practice to avoid gas wars and a fair shot at minting an NFT before launching in competitive NFT marketplaces like Opensea, Magic Eden, or CNFT.
Should NFT projects do pre-sales or whitelists? 👇
The reasons to do pre-sales or a whitelist for NFT creators:
Time the market and gain traction.
Pre-sale or whitelists can help NFT projects gauge interest early on.
Whitelist spots filling up quickly is usually a sign of a successful launch, though it does not guarantee NFT longevity (more on that later). Also, full whitelists create FOMO and momentum for the public sale among non-whitelisted NFT collectors.
If whitelist signups are low or slow, projects may need to work on their vision, community, or product. Or the market is in a bear cycle. In either case, it aids NFT projects in market timing.
Reward the early NFT Community members.
Pre-sale and whitelists can help NFT creators reward early supporters.
First, by splitting the minting process into two phases, early adopters get a chance to mint one or more NFTs from their collection at a discounted or even free price.
Did you know that BAYC started at 0.08 eth each? A serum that allowed you to mint a Mutant Ape has become as valuable as the original BAYC.
(2) Whitelists encourage early supporters to help build a project's community in exchange for a slot or status. If you invite 10 people to the NFT Discord community, you get a better ranking or even a whitelist spot.
Pre-sale and whitelisting have become popular ways for new projects to grow their communities and secure future buyers.
Prevent gas wars.
Most new NFTs are created on the Ethereum blockchain, which has the highest transaction fees (also known as gas) (Solana, Cardano, Polygon, Binance Smart Chain, etc).
An NFT public sale is a gas war when a large number of NFT collectors (or bots) try to mint an NFT at the same time.
Competing collectors are willing to pay higher gas fees to prioritize their transaction and out-price others when upcoming NFT projects are hyped and very popular.
Pre-sales and whitelisting prevent gas wars by breaking the minting process into smaller batches of members or season launches.
The reasons to do pre-sales or a whitelists for NFT collectors:
How do I get on an NFT whitelist?
- Popular NFT collections act as a launchpad for other new or hyped NFT collections.
Example: Interfaces NFTs gives out 100 whitelist spots to Deadfellaz NFTs holders. Both NFT projects win. Interfaces benefit from Deadfellaz's success and brand equity.
In this case, to get whitelisted NFT collectors need to hold that specific NFT that is acting like a launchpad.
- A NFT studio or collection that launches a new NFT project and rewards previous NFT holders with whitelist spots or pre-sale access.
The whitelist requires previous NFT holders or community members.
NFT Alpha Groups are closed, small, tight-knit Discord servers where members share whitelist spots or giveaways from upcoming NFTs.
The benefit of being in an alpha group is getting information about new NFTs first and getting in on pre-sale/whitelist before everyone else.
There are some entry barriers to alpha groups, but if you're active in the NFT community, you'll eventually bump into, be invited to, or form one.
- A whitelist spot is awarded to members of an NFT community who are the most active and engaged.
This participation reward is the most democratic. To get a chance, collectors must work hard and play to their strengths.
Whitelisting participation examples:
- Raffle, games and contest: NFT Community raffles, games, and contests. To get a whitelist spot, invite 10 people to X NFT Discord community.
- Fan art: To reward those who add value and grow the community by whitelisting the best fan art and/or artists is only natural.
- Giveaways: Lucky number crypto wallet giveaways promoted by an NFT community. To grow their communities and for lucky collectors, NFT projects often offer free NFT.
- Activate your voice in the NFT Discord Community. Use voice channels to get NFT teams' attention and possibly get whitelisted.
The advantage of whitelists or NFT pre-sales.
Chainalysis's NFT stats quote is the best answer:
“Whitelisting isn’t just some nominal reward — it translates to dramatically better investing results. OpenSea data shows that users who make the whitelist and later sell their newly-minted NFT gain a profit 75.7% of the time, versus just 20.8% for users who do so without being whitelisted. Not only that, but the data suggests it’s nearly impossible to achieve outsized returns on minting purchases without being whitelisted.” Full report here.
Sure, it's not all about cash. However, any NFT collector should feel secure in their investment by owning a piece of a valuable and thriving NFT project. These stats help collectors understand that getting in early on an NFT project (via whitelist or pre-sale) will yield a better and larger return.
The downsides of pre-sales & whitelists for NFT creators.
Pre-sales and whitelist can cause issues for NFT creators and collectors.
NFT flippers
NFT collectors who only want to profit from early minting (pre-sale) or low mint cost (via whitelist). To sell the NFT in a secondary market like Opensea or Solanart, flippers go after the discounted price.
For example, a 1000 Solana NFT collection allows 100 people to mint 1 Solana NFT at 0.25 SOL. The public sale price for the remaining 900 NFTs is 1 SOL. If an NFT collector sells their discounted NFT for 0.5 SOL, the secondary market floor price is below the public mint.
This may deter potential NFT collectors. Furthermore, without a cap in the pre-sale minting phase, flippers can get as many NFTs as possible to sell for a profit, dumping them in secondary markets and driving down the floor price.
Hijacking NFT sites, communities, and pre-sales phase
People try to scam the NFT team and their community by creating oddly similar but fake websites, whitelist links, or NFT's Discord channel.
Established and new NFT projects must be vigilant to always make sure their communities know which are the official links, how a whitelist or pre-sale rules and how the team will contact (or not) community members.
Another way to avoid the scams around the pre-sale phase, NFT projects opt to create a separate mint contract for the whitelisted crypto wallets and then another for the public sale phase.
Scam NFT projects
We've seen a lot of mid-mint or post-launch rug pulls, indicating that some bad NFT projects are trying to scam NFT communities and marketplaces for quick profit. What happened to Magic Eden's launchpad recently will help you understand the scam.
We discussed the benefits and drawbacks of NFT pre-sales and whitelists for both projects and collectors.
Finally, some practical tools and tips for finding new NFTs 👇
Tools & resources to find new NFT on pre-sale or to get on a whitelist:
In order to never miss an update, important pre-sale dates, or a giveaway, create a Tweetdeck or Tweeten Twitter dashboard with hyped NFT project pages, hashtags ( #NFTGiveaways , #NFTCommunity), or big NFT influencers.
Search for upcoming NFT launches that have been vetted by the marketplace and try to get whitelisted before the public launch.
Save-timing discovery platforms like sealaunch.xyz for NFT pre-sales and upcoming launches. How can we help 100x NFT collectors get projects? A project's official social media links, description, pre-sale or public sale dates, price and supply. We're also working with Dune on NFT data analysis to help NFT collectors make better decisions.
Don't invest what you can't afford to lose because a) the project may fail or become rugged. Find NFTs projects that you want to be a part of and support.
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Gajus Kuizinas
3 years ago
How a few lines of code were able to eliminate a few million queries from the database
I was entering tens of millions of records per hour when I first published Slonik PostgreSQL client for Node.js. The data being entered was usually flat, making it straightforward to use INSERT INTO ... SELECT * FROM unnset() pattern. I advocated the unnest approach for inserting rows in groups (that was part I).
However, today I’ve found a better way: jsonb_to_recordset.
jsonb_to_recordsetexpands the top-level JSON array of objects to a set of rows having the composite type defined by an AS clause.
jsonb_to_recordset allows us to query and insert records from arbitrary JSON, like unnest. Since we're giving JSON to PostgreSQL instead of unnest, the final format is more expressive and powerful.
SELECT *
FROM json_to_recordset('[{"name":"John","tags":["foo","bar"]},{"name":"Jane","tags":["baz"]}]')
AS t1(name text, tags text[]);
name | tags
------+-----------
John | {foo,bar}
Jane | {baz}
(2 rows)Let’s demonstrate how you would use it to insert data.
Inserting data using json_to_recordset
Say you need to insert a list of people with attributes into the database.
const persons = [
{
name: 'John',
tags: ['foo', 'bar']
},
{
name: 'Jane',
tags: ['baz']
}
];You may be tempted to traverse through the array and insert each record separately, e.g.
for (const person of persons) {
await pool.query(sql`
INSERT INTO person (name, tags)
VALUES (
${person.name},
${sql.array(person.tags, 'text[]')}
)
`);
}It's easier to read and grasp when working with a few records. If you're like me and troubleshoot a 2M+ insert query per day, batching inserts may be beneficial.
What prompted the search for better alternatives.
Inserting using unnest pattern might look like this:
await pool.query(sql`
INSERT INTO public.person (name, tags)
SELECT t1.name, t1.tags::text[]
FROM unnest(
${sql.array(['John', 'Jane'], 'text')},
${sql.array(['{foo,bar}', '{baz}'], 'text')}
) AS t1.(name, tags);
`);You must convert arrays into PostgreSQL array strings and provide them as text arguments, which is unsightly. Iterating the array to create slices for each column is likewise unattractive.
However, with jsonb_to_recordset, we can:
await pool.query(sql`
INSERT INTO person (name, tags)
SELECT *
FROM jsonb_to_recordset(${sql.jsonb(persons)}) AS t(name text, tags text[])
`);In contrast to the unnest approach, using jsonb_to_recordset we can easily insert complex nested data structures, and we can pass the original JSON document to the query without needing to manipulate it.
In terms of performance they are also exactly the same. As such, my current recommendation is to prefer jsonb_to_recordset whenever inserting lots of rows or nested data structures.
M.G. Siegler
3 years ago
Apple: Showing Ads on Your iPhone
This report from Mark Gurman has stuck with me:
In the News and Stocks apps, the display ads are no different than what you might get on an ad-supported website. In the App Store, the ads are for actual apps, which are probably more useful for Apple users than mortgage rates. Some people may resent Apple putting ads in the News and Stocks apps. After all, the iPhone is supposed to be a premium device. Let’s say you shelled out $1,000 or more to buy one, do you want to feel like Apple is squeezing more money out of you just to use its standard features? Now, a portion of ad revenue from the News app’s Today tab goes to publishers, but it’s not clear how much. Apple also lets publishers advertise within their stories and keep the vast majority of that money. Surprisingly, Today ads also appear if you subscribe to News+ for $10 per month (though it’s a smaller number).
I use Apple News often. It's a good general news catch-up tool, like Twitter without the BS. Customized notifications are helpful. Fast and lovely. Except for advertisements. I have Apple One, which includes News+, and while I understand why the magazines still have brand ads, it's ridiculous to me that Apple enables web publishers to introduce awful ads into this experience. Apple's junky commercials are ridiculous.
We know publishers want and probably requested this. Let's keep Apple News ad-free for the much smaller percentage of paid users, and here's your portion. (Same with Stocks, which is more sillier.)
Paid app placement in the App Store is a wonderful approach for developers to find new users (though far too many of those ads are trying to trick users, in my opinion).
Apple is also planning to increase ads in its Maps app. This sounds like Google Maps, and I don't like it. I never find these relevant, and they clutter up the user experience. Apple Maps now has a UI advantage (though not a data/search one, which matters more).
Apple is nickel-and-diming its customers. We spend thousands for their products and premium services like Apple One. We all know why: income must rise, and new firms are needed to scale. This will eventually backfire.
Edward Williams
2 years ago
I currently manage 4 profitable online companies. I find all the generic advice and garbage courses very frustrating. The only advice you need is this.
This is for young entrepreneurs, especially in tech.
People give useless success advice on TikTok and Reddit. Early risers, bookworms, etc. Entrepreneurship courses. Work hard and hustle.
False. These aren't successful traits.
I mean, organization is good. As someone who founded several businesses and now works at a VC firm, I find these tips to be clichés.
Based on founding four successful businesses and working with other successful firms, here's my best actionable advice:
1. Choose a sector or a niche and become an expert in it.
This is more generic than my next tip, but it's a must-do that's often overlooked. Become an expert in the industry or niche you want to enter. Discover everything.
Buy (future) competitors' products. Understand consumers' pain points. Market-test. Target keyword combos. Learn technical details.
The most successful businesses I've worked with were all formed by 9-5 employees. They knew the industry's pain points. They started a business targeting these pain points.
2. Choose a niche or industry crossroads to target.
How do you choose an industry or niche? What if your industry is too competitive?
List your skills and hobbies. Randomness is fine. Find an intersection between two interests or skills.
Say you build websites well. You like cars.
Web design is a *very* competitive industry. Cars and web design?
Instead of web design, target car dealers and mechanics. Build a few fake demo auto mechanic websites, then cold call shops with poor websites. Verticalize.
I've noticed a pattern:
Person works in a particular industry for a corporation.
Person gains expertise in the relevant industry.
Person quits their job and launches a small business to address a problem that their former employer was unwilling to address.
I originally posted this on Reddit and it seemed to have taken off so I decided to share it with you all.
Focus on the product. When someone buys from you, you convince them the product's value exceeds the price. It's not fair and favors the buyer.
Creating a superior product or service will win. Narrowing this helps you outcompete others.
You may be their only (lucky) option.