Meta CEO Mark Zuckerberg announced that Instagram will start testing NFTs or Non-Fungible Tokens next week. These NFTs will be based on four blockchains i.e., Polygon, Ethereum, Sola, and Flow.
A non-fungible token is a digital asset or collectible that is stored in blockchain technology. It can be a video, photos, Gifs, artists, video games, iconic brands, digital characters, or any other artwork.
Mark Zuckerberg stated on his Facebook profile, “This week we’re starting to test digital collectibles on Instagram so creators and collectors can display their NFTs on their profiles. Similar functionality is coming to Facebook soon, along with augmented reality NFTs on Instagram Stories via Spark AR so you can place digital art into physical spaces.”
The news was also confirmed by Adam Mosseri, Head of Instagram via a video on it’s Twitter profile. In a video message, Adam said that at the start only a few United States-based creators and collectors can post NFTs on their profiles, news feeds, and stories.
NFTs on Instagram 🎉
This week we’re beginning to test digital collectibles with a handful of US 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
Adam Mosseri Said, “We think the one really interesting opportunity for a subset of creators is NFTs – the idea of owning a unique digital item. I want to acknowledge upfront that NFTs and blockchain technologies and Web3 more broadly are all about distributing trust, distributing power. But Instagram is fundamentally a centralized platform, so there’s a tension there.”
Christine Pai – Meta’s spokesperson stated that initially NFTs based on Poly Blockchain and Ethereum will initially be supported on Instagram while NFTs based on Solana and Flow will be offered soon.
Adam further said that the addition of NFTs on Instagram will allow more people to adopt this new technology. After Instagram, Meta plans to add NFTs on Facebook than on it’s other platforms such as Facebook Messenger and WhatsApp.
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