Instagram Testing NFTs This Week; Facebook To Begin Soon
Mosseri noted that there will be no fees associated with posting or sharing a digital collectible on Instagram.
Meta-owned Instagram, a photo-sharing platform, will soon allow the display of non-fungible tokens (NFTs) in its application. Meta CEO Mark Zuckerberg confirmed in a post that the company will start testing NFTs on the platform, with “similar functionality” coming soon to Facebook.
Adam Mosseri, Instagram head, announced in a video tweet that the platform is going to start testing NFTs this week. According to him, select creators in the United States will be allowed to display their tokens on the platform. Mosseri noted that there will be no fees associated with posting or sharing a digital collectible on Instagram.
The creators and individuals selected to take part in the test can now share the NFTs they made or bought through the main Instagram Feed, Stories, or messages. Mosseri shared that the company plans to roll out more functionality related to NFTs in the future once it gets feedback from its initial testing.
“I want to acknowledge upfront that NFTs and blockchain technologies are all about distributing trust and distributing power. But Instagram is fundamentally a centralized platform, so there’s a tension there. So one of the reasons why we’re starting small is we want to make sure that we can learn from the community. We want to make sure that we work out how to embrace those tenets of distributed trust and distributed power, despite the fact that we are, yes, a centralized platform.” – Adam Mosseri
The selected creators the creators who are part of the initial NFTs test include: @adambombsquad, @bluethegreat, @bossbeautiesnft, @c.syresmith, @cynthiaerivo, @garyvee, @jenstark, @justmaiko, @maliha_z_art, @misshattan, @nopattern, @oseanworld, @paigebueckers, @phiawilson, @swopes and @yungjake.
For the initial launch, Instagram will support Ethereum and Polygon blockchains for showcasing NFTs on the platform. Soon, they noted that they support Flow and Solana next.
Further, they added that the third-party wallets compatible for use at launch will include Rainbow, MetaMask, and Trust Wallet, while Coinbase, Dapper and Phantom are coming soon.
On the other hand, Zuckerberg noted in an announcement that similar functionality will be coming to Facebook soon and possibly to other Meta apps in the future. The Meta CEO also disclosed that the company is going to work on augmented reality NFTs, or 3D NFTs, which users can bring to Instagram Stories using Spark AR, the company’s software AR platform.
Recently, Meta expressed their plans to release virtual coins, tokens, and lending services on its apps as it assembles preliminary plans for the possible launch. (Read more: Meta Exploring Non-Blockchain-Based Virtual Currency)
These attempts to enter the web 3 comes after Meta’s several failed ventures of launching cryptocurrency platform Diem Payment Network. (Read more: Facebook’s DIEM Formerly Known as Libra Shuts Down Without Ever Launching)
This article is published on BitPinas: Instagram Testing NFTs This Week; Facebook To Begin Soon
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