NFTs, or Non-Fungible Tokens, are coming to Instagram. In a video, Mark Zuckerberg mentioned that Instagram is testing NFT integrations, and Instagram CEO Adam Mosseri announced that the NFT integration will begin this week.
Instagram CEO Adam Mosseri announced today that the social media platform will begin testing NFTs with a select set of creators in the United States this week. According to Mosseri, there would be no costs associated with publishing or sharing a digital collectible on Instagram.
For showcasing NFTs on Instagram, The blockchains Ethereum and Polygon are currently supported, with Solana support coming soon. Interoperability will be available for third-party wallets such as Rainbow, Trust Wallet, and MetaMask.
Instagram NFTs: Available for Selected Instagram Users From Next Week
Only selected US NFT collectors will be able to share NFTs on Instagram as part of Instagram’s NFT integration test. In a video uploaded on Twitter, Mosseri said, “We wanted to start small and learn from the community.”
NFTs will be available as profile images for a small set of Instagram producers and collectors in the United States, similar to what other social media platforms like Twitter have done in recent months.
According to the statement, the users in the test group will be able to post NFTs for free by integrating their third-party digital wallets in-app. The NFTs will receive a distinctive “shimmer” around the shot, with credit to both the inventor and the owner.
NFTs generated or purchased by creators and participants in the test can now be shared. These NFTs can be shared in your stories, posts, and even emails.
NFTs on Instagram 🎉
This week we’re beginning to test digital collectibles with a handful of US creators and collectors who will be able to share NFTs on Instagram. There will be no fees associated with posting or sharing a digital collectible on IG.
See you next week! ✌🏼 pic.twitter.com/VuJbMVSBDr
— Adam Mosseri (@mosseri) May 9, 2022
According to Mosseri, just a small number of people have access to the test, but the company plans to expand its NFT functionality once it receives feedback from its initial testing.
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. Though firms and celebrities have been quick to hop on NFTs, and some recent transactions have resulted in transient activity spikes, revenues have flatlined since a peak last September, according to a report published last week by The Wall Street Journal.
“The creative economy is incredibly essential to Instagram,” Mosseri continued, “but one of the difficult things we as an industry must solve is how to help creators make a living while doing what they love.” “Right now, there are a number of methods for creators to make money, but many of them are unpredictable and changing quickly, and we believe NFTs are the one genuinely exciting possibility for a subset of creators.”
In his announcement, Mosseri stated, “I’d want to state upfront that NFTs and blockchain technology are all about trust and power distribution.” “However, Instagram is a centralized platform, so there’s a conflict there.” One of the reasons we’re beginning small is because we want to be able to learn from the community.
Mosseri stated ” Despite the fact that we are, indeed, a centralized platform, we want to make sure that we figure out how to embrace the ideas of distributed trust and distributed authority. Mosseri believes that one of the unique opportunities we have is to make web3 technology more accessible to a wider audience. Mosseri believes that NFTs will be of interest not only to those who create NFT art but also to those who want to collect it.”