NFTs To Launch On Instagram This Week

Meta CEO Mark Zuckerberg announced that Instagram will begin testing a feature that allows users to post non-fungible tokens on their platform this week.

Mark Zuckerberg just announced that we’re testing digital collectibles for creators and collectors to showcase NFTs on Instagram. NFTs allow creators to take control over their work, fanbase and income. Oh and they ✨shimmer✨https://t.co/gwCW0CiR3M pic.twitter.com/wraSdWvgLf

— Meta Newsroom (@MetaNewsroom) May 9, 2022

Zuckerberg wrote in a post on Facebook, "We're starting to build for NFTs, not only in our metaverse and Reality Labs efforts but across our family of apps.

"We're starting to test digital collectibles on Instagram so that artists and collectors may show off their NFTs," said the company.

Meta is looking forward to permitting NFTs on it Facebook, Messenger and WhatsApp are expected to get a similar function.

A solution using augmented reality to display 3D NFTs in Instagram Stories is also in the works.

According to Zuckerberg, this feature would be built on Spark AR and would allow users to "place digital art in physical spaces."

Over the weekend, rumors circulated that Instagram would begin testing non-fungible tokens in its app this week.

According to CoinDesk, Meta will support NFTs from the Ethereum, Polygon, Solana, and Flow blockchains.

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

The head of Instagram, Adam Mosseri explained how the NFT integrations will function.

In their feeds, Stories, and chats, users will be able to share NFTs they've generated or purchased.

To begin with, only a small number of people in the United States will have access to these functions.

Mosseri also pointed up the contrast between Web3 technologies like NFTs and blockchain, which are decentralised, and Instagram, which is a centralised platform.

He stated, "We're starting small because we want to make sure we can learn from the community."

"We want to make sure we can find out how to embrace the notions of distributed trust and distributed power, despite the reality that we are a centralised platform."

According to Mosseri, there will be no expenses "involved with uploading or sharing a digital collection" on Instagram.

He claimed in his announcement that NFTs might allow a fraction of authors to make a living on the platform.

This means that users will eventually be able to buy and sell items directly on Instagram.

Creators may be able to mint NFTs in the app in the future, according to Zuckerberg.

The CEO of Meta has also expressed his thoughts on the company's ambitions for NFTs in the metaverse.

"I would hope that the clothing that your avatar wears in the metaverse can be minted as an NFT and you may move it across your many places," he said in March at SXSW.