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 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 US this week. According to Mosseri, there would be no cost associated with posting or sharing a digital collectible on Instagram.
To showcase NFTs on Instagram, Ethereum and Polygon blockchains are currently supported, with Solana support coming soon. Interoperability will be available for third-party wallets such as Rainbow, Trust Wallet, and MetaMask.
NFT Instagram: available for some 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 to Twitter, Mosseri said, “We wanted to start small and learn from the community.”
The NFTs will be available as profile pictures for a small group of Instagram growers and collectors in the US, similar to what other social media platforms like Twitter have been doing in recent months.
According to the release, users in the test group will be able to post NFTs for free by integrating their third-party digital wallets into the app. NFTs will receive a distinctive “glitter” around the shot, credit to the inventor and owner.
NFTs generated or purchased by creators and test takers can now be shared. These NFTs can be shared in your stories, posts, and even emails.
NFT on Instagram 🎉
This week, we’re starting to test digital collectibles with a handful of American 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
Only a small number of people have access to the test, according to Mosseri, but the company plans to expand its NFT functionality once it receives feedback from its initial tests.
Support for NFTs on Instagram, according to Mosseri, could help promote the technology to a wider audience. Instagram is not the first site to do so; Twitter released the NFTs as hexagon-shaped profile pictures in January.
A hexagon appears as a symbol in the corner of NFT Instagram posts. Although companies and celebrities have been quick to jump on NFTs and some recent transactions have seen transient spikes in activity, revenue has stalled since peaking last September, according to a report published last week by The Wall Street Journal. .
“The creative economy is incredibly critical to Instagram,” Mosseri continued, “but one of the tough things that we as an industry have to figure out is how do we help creators make a living while doing this. that they love.” “Right now, there are a number of methods for creators to make money, but many of them are unpredictable and change quickly, and we believe that NFTs are the only truly exciting possibility for a subset of creators.”
In his announcement, Mosseri said, “I would like to say at the outset that NFTs and blockchain technology are all about trust and power distribution.” “However, Instagram is a centralized platform, so there is a conflict there.” One of the reasons we start small is that we want to be able to learn from the community.
Mosseri said: “Despite the fact that we are, in effect, a centralized platform, we want to make sure that we understand how to embrace the ideas of distributed trust and distributed authority. Mosseri thinks that one of the unique opportunities what 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.