Instagram wants to support NFTs for new features

Mark Zuckerberg announced last March that the Meta-owned Instagram platform would also launch non-fungible tokens (NFTs). This week we learned that the social network will support Ethereum, Polygon, Solana and Flow blockchains.

Instagram in the footsteps of Twitter

After Twitter, another social network should soon open up to NFTs. Meta is said to be preparing an experimental program that will allow a closed circle of NFT enthusiasts to proudly display their properties on the Instagram social network. The program will be restricted to North American users.

In March last year, Mark Zuckerberg, the boss of Instagram’s parent company Meta (formerly Facebook), said his company was planning to introduce NFTs to Instagram “in the short term”. We know more now.

Instagram boss Adam Mosseri just announced on Twitter that starting this week, “a handful of American creators and collectors will be able to share NFTs on Instagram.” Users will be able to share their NFTs to their Instagram feed, stories, and even their messaging system.

Twitter is currently the only social network to fully integrate NFTs into its platform. However, to display them on their profile, users must subscribe to the paid Twitter Blue plan.

“There will be no charge for posting or sharing NFTs on Instagram,” confirmed Adam Mosseri. Instagram, with more than 1 billion monthly active users, could give a new twist to the NFT phenomenon which is running out of steam in 2022.

It’s unclear if Instagram will offer all of these blockchains during the feature’s global rollout, or if they’ll be rolled out in a staggered fashion. At first, the pilot only brings together a small number of American users and creators before opening up more widely.

“It is unknown if Instagram will offer all of these blockchains when this feature launches,” CoinDesk said. This information has not been confirmed by Instagram bosses on Twitter. We may know more this week.

Giving new impetus to NFTs

As Instagram has become a hub for creators, the integration of NFTs could spark a new wave of interest in the industry. In the future, users will be able to display their non-fungible tokens directly on their profiles and tag the artists who created them. Instagram also plans to integrate the most commonly used crypto wallets, such as MetaMask.

“The creator economy is very important to Instagram,” said Adam Mosseri. A small community will be able to test the new feature first before it opens “more widely”, explained Adam Mosseri. Until then, the latter hopes to measure the temperature of this universe, in particular, and “learn more about the community”.

As a reminder, NFTs (“Non Fungible Tokens” or Non-Fungible Tokens) are digital property titles, issued by a blockchain (mainly Ethereum) and linked to digital assets (photos, videos, etc.). Each NFT is unique and cannot be reproduced. NFTs are used in the art, luxury industry or sports trading cards.

Either way, it shows the overall strategy of Meta, which has confirmed that its Novi Wallet will allow NFTs to be traded in its Metaverse in the future. On the WhatsApp side, Web3 integration has also started. In December, the app confirmed that it was working on cryptocurrency payments. Therefore, the arrival of the Meta juggernaut in the field of NFTs deserves special attention.

In 2019, Mark Zuckerberg announced plans to launch his own cryptocurrency, Libra, later renamed Diem. But faced with pressure from regulators, Meta finally abandoned its project in early February. The group now seems focused on another long-term perspective: the metaverse.

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Instagram wants to support NFTs for new features

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