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Wednesday, May 25, 2022

Instagram to introduce NFTs as ‘digital artwork’ for users in the US

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Meta CEO Mark Zuckerberg has announced that Instagram will begin testing non-fungible tokens (NFTs) on the platform starting this week in the US. He further added that “similar functionality” be available on Facebook soon. Instagram Head, Adam Mosseri, in a video announced that select users in the US will soon be able to see NFTs on their Feeds, Stories and in messages. Also Read – Now you can earn Rs 3.6 lakh per month for creating original content on Facebook Reels: Here’s how

NFTs on Instagram

According to Mosseri, NFT details will appear just like tagged profiles and products on the platform. They will be named “digital collectibles”. Users will see more details like the name of the creator and owner by clicking on the tag. Notably, no fees will be charged for posting or sharing the NFT on Instagram. Also Read – How to hide your Instagram stories from a specific someone

For showcasing NFT, the platform currently supports blockchains like Ethereum and Polygon, and will extend its support for Flow and Solana soon. Instagram supports select third-party digital wallets including Rainbow, MetaMask, and Trust Wallet, and will start supporting Coinbase, Dapper and Phantom soon. Also Read – Facebook founder Mark Zuckerberg discusses ‘collaboration’ with Italy PM Draghi

Since this is just an initial phase, the feature will be available to select users only. However, Mosseri has assured that it will be available for others once they get feedback from the initial testing.

As per a statement by Mosseri, “I want to acknowledge upfront that NFTs and blockchain technologies and Web3 more broadly are all about distributing trust, distributing power. But Instagram is fundamentally a centralized platform, so there’s a tension there.”

As per a tweet by Instagram’s official account,”This week, we’ll begin testing ways for creators and collectors to share NFTs on Instagram with a special effect. Keep an eye out for digital collectibles from artists like Osean.”

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