Instagram will start testing NFTs with select creators this week – TechCrunch

Instagram head Adam Mosseri announcement today that the platform will begin testing NFTs with select creators in the US this week. Mosseri noted that there will be no fees associated with posting or sharing a digital collectible on Instagram. At launch, the supported blockchains for showcasing NFTs on Instagram are Ethereum and Polygon, with support for Flow and Solana coming soon. Third-party wallets compatible for use will include Rainbow, Trust Wallet, and MetaMask.

Creators and test takers can now share NFTs they created or purchased. You can share these NFTs in your main feed, stories, or in posts. Mosseri pointed out that only a limited number of people have access to the test, but the company plans to roll out more NFT-related features in the future once it receives feedback from its initial tests.

“I want to recognize up front that NFTs and blockchain technologies are about distributing trust and distributing power,” Mosseri said in his announcement. “But Instagram is basically a centralized platform, so there’s a tension there. So one of the reasons we’re starting small is that we want to make sure we can learn from the community. We want to ensure that we figure out how to embrace these principles of distributed trust and distributed power, despite the fact that we are, yes, a centralized platform. We believe that one of the unique opportunities we have is to make Web3 technology accessible to a much wider range of people. And NFTs in particular, we believe will be of interest not only to creators who create NFT art, but also to people who want to collect it.

Instagram told TechCrunch in an email that creators who are part of the initial test include: @adambombsquad, @bluethegreat, @bossbeautiesnft, @c.syresmith, @cynthiaerivo, @Garyvee, @jenstark, @justmaiko, @maliha_z_art, @misshattan, @nopattern, @oseanworld, @paigebueckers, @phiawilson, @Swopes and @yungjake.

Mosseri also noted that the creator economy is hugely important to Instagram, but one of the tough things the company is looking at is how, although there are currently a number of different ways for creators to make money, many of them are unpredictable and changeable. rapidly. Mosseri said this new launch will create an interesting opportunity for a subset of creators.

Meta CEO Mark Zuckerberg said in an announcement that similar features will soon be coming to Facebook and possibly other Meta apps in the future. Zuckerberg also said Meta will be working on augmented reality NFTs, or 3D NFTs, that you can bring to Instagram Stories using Spark AR, which is the company’s AR software platform.

instagram nfts

Picture credits: instagram

Alexandru Voica, EMEA tech comms at Meta, said in a separate announcement that “in the metaverse, people will buy, use and share digital goods and experiences, and NFTs are a key piece of the puzzle to make that a reality.” .

Voica went on to note that Meta is starting with NFTs because they are an important aspect of the metaverse’s economic potential, but they are just one example of the technologies the company is exploring. Voica said Meta is exploring a wide range of Web3 technologies because the company believes these technologies will lower costs, expand access and accelerate innovation for creators and people everywhere.

The official launch comes weeks after Zuckerberg said in a chat to SXSW that Meta would soon be introducing NFTs to Instagram, which is one reason why today’s announcement isn’t exactly A suprise. Additionally, last summer, Instagram hosted “Creator Week,” an invitation-only virtual summit that the company called a “private event for NFT creators” in its invites.

Instagram’s NFT test comes as Twitter enabled NFT profile pictures for premium users earlier this year. Instagram and Twitter aren’t the only digital giants looking to embrace NFTs, as YouTube CEO Susan Wojcicki has suggested the platform could adopt Web3 technologies, including NFTs, as a way to help YouTube creators to earn money.

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