Instagram Is Testing NFTs
A group of NFT creators and collectors will soon be able to display their tokens on Instagram. In a post Today, meta CEO Mark Zuckerberg confirmed that Instagram is testing NFTs on the platform. Similar functionality coming soon to Facebook.
(We are starting building for NFTs. It is not just in our Metaverse and Reality Labs work but also across our family of apps.) Zuckerberg said in a post on Facebook. (We are starting to test digital collectibles on Instagram so that creators and collectors can display their NFTs.)
A similar feature is coming to Facebook shortly. Meta is considering enabling NFTs in its other apps, such as Messenger and WhatsApp.
Also in the works is a way for people to display 3D NFTs in Instagram Stories using augmented reality. Zuckerberg says this feature would be built on Spark AR. It allows users to (place digital art in physical spaces.)
A report from CoinDesk over the weekend suggested Instagram would start testing non-fungible tokens in the app this week. A Meta spokesperson confirmed to Engadget that it allows integrations with NFTs from the Ethereum and Polygon blockchains at first, with Solana and Flow to follow.
The compatible third-party wallets are Rainbow, MetaMask, and Trust Wallet. Support for Coinbase, Dapper, and Phantom will be available later.
Adam Mosseri About Testing NFTs:
Instagram head Adam Mosseri said that a small group of US users display NFTs on their feed, stories, and messages.
NFT details are similar to tagged profiles and products. Their name is ( Digital collectibles.) Clicking on the tag will show details like the name of the creator and owner.
Mosseri said the test is small to start so that Instagram can learn from the community. Perhaps in an attempt to tackle distrust of a dominant social networking platform jumping into NFTs, he brings up the tension between huge companies like Instagram and the decentralized ethos of Web3.
(I want to acknowledge upfront that NFTs, blockchain technologies, and Web3 more broadly are all about distributing trust, distributing power,) Mosseri says, (But Instagram is fundamentally a centralized platform, so there is a tension there.)
NFTs minted on the Ethereum and Polygon blockchains will be supported initially, with Solana and Flow coming soon, according to Meta spokesperson Christine Pai.
Mosseri emphasizes that support for NFTs on Instagram could help introduce the technology to a broader range of people.
Instagram is not the first platform to do so: in January, Twitter introduced NFTs on the platform as hexagon-shaped profile pictures. An icon in the corner of Instagram posts of NFTs also appears as a hexagon.
Though companies and celebrities have been quick to jump on NFTs, and some recent sales have produced temporary activity spikes, according to The Wall Street Journal last week, sales have flatlined since a peak last September.