“A group of non-fungible token (or NFT) makers and collectors will soon be able to display their tokens on Instagram,” says Mark Zuckerberg, CEO of Meta. NFTs are being tested on the platform, with “similar capabilities” coming to Facebook soon.
What’s New?
In a video, Instagram CEO Adam Mosseri stated that a small set of US users would be able to see NFTs in their feeds, stories, and messages. NFT details are referred to be “digital collectables” and are displayed similarly to tagged profiles and products. When you click on the tag, you’ll see information like the creator’s and owner’s names.
According to Mosseri, the test will be small at first so Instagram can learn from the community. He brings out the contradiction between massive corporations like Instagram and the decentralized spirit of Web3, maybe in an attempt to combat suspicion of a major social networking platform going into NFTs.
What’s More?
Mosseri says, “I want to recognize right now that NFTs, Blockchain technologies, and Web3 are all about dispersing trust and power.” “However, Instagram is a centralized platform, so there’s a tension there.”
According to Meta spokesperson Christine Pai, NFTs created on the Ethereum and Polygon Blockchain will be supported first, with Solana and Flow coming soon.
Digging In More Details
Support for NFTs on Instagram, according to Mosseri, might help promote the technology to a wider audience. Instagram isn’t the first site to do so; Twitter released NFTs as hexagon-shaped profile images in January. A hexagon appears as a symbol in the corner of NFTs’ Instagram postings. Despite the fact that firms and celebrities have been quick to embrace NFTs, and certain recent purchases have resulted in transient activity increases, revenues have remained flat since peaking in September.