Mark Zuckerberg, CEO of Meta has said that we will soon see the introduction of NFTs on Instagram and Facebook. He further mentions that Instagram will begin testing a method for users to display non-fungible tokens (NFTs) on their personal profiles.
Zuckerberg said that apart from introducing NFTs to their metaverse and activities related to Reality Labs, they are focusing on building NFTs for all families of applications owned by Meta. In a Facebook post, he also states that the company will soon start testing digital collectibles on Instagram so that collectors and creators can showcase their NFTs.
NFT features on Facebook and Instagram
As mentioned by Zuckerberg in his Facebook post, NFTs will soon feature on Instagram. We will see a similar feature on Facebook as Meta is aggressively working toward allowing NFTs in other applications including Whatsapp and Messenger.
The tech giant is also working on the possibility of letting users display 3D NFTs in their Instagram stories using augmented reality (AR). Zuckerberg has said that this feature will be developed on Spark AR and enable users to add digital art in physical places.
Coindesk released a report earlier this week which indicates that Instagram will start testing non-fungible tokens in the application this week. In addition, a spokesperson from Meta has also confirmed to Engadget that integrations with NFTs from Polygon and Ethereum blockchain are on their way. He also mentioned that Flow and Solana will follow. Third-party wallets including MetaMask, TrustWallet, Dapper, Coinbase, Phantom, and Rainbow will be made available later.
What does Instagram’s head have to say?
Adam Mosseri, Head of Instagram has shared some precious information about how NFT integrations will work on the platform. He said that Instagram users will be able to share NFTs that they have created or purchased in their messages, Stories, and feeds. Initially, a handful of users will have access to these new features.
Mosseri also shed light on the decentralized and hostile nature of Web3 tech including blockchain and NFTs and the fact that Instagram is a centralized platform itself. He says that one of the primary reasons why the company is taking baby steps is because they have the chance to learn from the community.
Users do not have to pay any fees that are associated with sharing or posting digital collectibles on Instagram. Mosseri also said that the NFTs could offer a set of creators an opportunity to earn via the platform. This could mean that users will have the ability to buy and sell NFTs at some point on the platform in the future. Zuckerburg also hinted at the possibility of minting NFTs on the application at some point in the future.
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