NFTs are coming soon to Instagram feed, stories, and messages
Instagram has decided to join the NFT party. The social media platform will soon start testing NFTs with select US creators, said Instagram CEO Adam Mosseri. Those who are part of the testing can showcase digital collectibles that they created or bought. To facilitate this, Instagram has integrated Ethereum and Polygon blockchains with support for Flow and Solana to come in the future.
Why does this story matter?
Instagram's announcement of beginning NFT testing doesn't come as a surprise to many as Mark Zuckerberg had previously talked about this. However, the fact that the company chose to launch it at a time when NFT sales are plummeting will certainly make some confused. It could be Meta's attempt at understanding the economic potential of NFTs as a precursor to its metaverse ambitions.
More functionality will be introduced after initial feedback
Instagram's initial testing of NFTs will be limited to a select number of creators in the US. They will be able to showcase their NFTs in the main feed, stories, or messages. The company plans to roll out more functionality after receiving the feedback from the testing. The creator and owner of the NFT can be accessed by clicking on the "Digital collectibles" tag.
Only Ethereum and Polygon will be available initially
The blockchains supported by Instagram for showcasing NFTs initially are Ethereum and Polygon. Support for Flow and Solana will be available in the future. Compatible wallets at the time of launch will include Rainbow, MetaMask, and Trust Wallet.
NFTs present creators with a new financial opportunity: Mosseri
Instagram will not charge users for posting or sharing NFTs. According to Mosseri, NFTs will provide creators with a new way to make money. The company recently began a subscription-based service to help creators. As noted by the CEO, most of the existing ways are unpredictable and evolving rapidly. The new addition will be an interesting opportunity for interested creators.
The testing will be limited to few creators from US
In the initial phase of testing, only a select number of creators will take part. The list includes, @adambombsquad, @bluethegreat, @bossbeautiesnft, @c.syresmith, @cynthiaerivo, @garyvee, @jenstark, @justmaiko, @maliha_z_art, @misshattan, @nopattern, @oseanworld, @paigebueckers, @phiawilson, @swopes and @yungjake.
Facebook sees NFTs as an important aspect of metaverse
In other news, Zuckerberg, the CEO of Meta, announced that similar functionality will come to Facebook and other Meta apps. He also said that the company will be working on 3D NFTs or augmented reality NFTs. Meta sees NFTs as an important part of its quest for commercializing the metaverse. Apart from NFTs, the company is also exploring other Web3 options.
