Besides regular photos and videos, Instagram will also support NFT sharing from next week. Here’s what the implementation will look like.
instagram is currently the go-to social media app for sharing photos and videos with friends. Starting this week, Instagram is expanding its reach with support for NFTs. Although NFTs have technically been around since 2014, 2021 was the year non-fungible tokens really took off and became a mainstream topic of discussion. They became a constantly trending topic on social media, major news publications started discussing NFTs, and we saw many NFTs selling for millions of dollars.
What’s been particularly interesting is seeing how other companies have responded to the NFT craze. YouTube meddles with NFT, Twitter users can have NFT profile pictures, and even Starbucks has announced plans for an NFT loyalty program. In March, Mark Zuckerberg confirmed that NFTs would soon be coming to Instagram.
Fast forward to May, and it looks like that day is upon us. In a video posted on May 9, Adam Mosseri, head of Instagram, announced that NFTs will start rolling out to Instagram users starting this week. Mosseri says a “limited number of people” will initially have access to NFTs. Additionally, Mosseri says that “There are a lot more features that we will need to develop over time, but we wanted to start small and learn from the community.”
What NFTs will look like on Instagram
So, what will this “small” starting point look like? At launch, users will be able to share NFTs on Instagram. NFTs will be able to be shared on the Instagram feed, Instagram stories, and direct messages. NFTs appear with a “Digital collectible” label on them, and tapping on one displays details about its creator, owner, and the collection it’s part of. Zuckerberg has previously hinted that people can hit NFTs directly on Instagram, but at least for now, NFT support is limited to sharing.
In a Alexandru Voica follow-up announcement from Meta, it is confirmed that Instagram will initially support Ethereum and Polygon blockchain NFTs. In the future, Instagram will also support Flow and Solana NFTs. Additionally, Instagram will allow users to connect third-party blockchain wallets from Rainbow, MetaMask, and Trust.
On the one hand, Instagram’s venture into the NFT world is not at all surprising. It is a major trend, in which its competitors are already involved, and a potentially lucrative business venture for the company. But NFTs are already showing a massive decline. The Wall Street Journal reported just a few days ago that NFT sales are down over 90% since peaking in 2021. That’s not to say that NFTs are completely dead, but it’s obvious that the monetary interest that they arouse is nowhere near as high as before. Either way it doesn’t stop instagram to throw his hat in the NFT ring – for better or for worse.
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