A half CEO Mark Zuckerberg he announced it Instagram will begin testing non-fungible tokens (NFTs) on the social network this week.
An NFT is a unique digital token encrypted with an artist’s signature, which verifies its ownership and authenticity and is permanently attached to the piece.
Most NFTs include some sort of digital graphics, such as photos, videos, GIFs, or music, although, in theory, anything digital could be made into an NFT.
“This week we are starting to test digital collectibles on Instagram so that creators and collectors can display their NFTs on their profile,” Zuckerberg said in an update on his. Facebook profiles.
“Similar features will be coming to Facebook soon, along with NFT in augmented reality on Instagram Stories via Spark AR, so you can place digital art in physical spaces.”
NFT details are displayed on Instagram in a similar way to profiles and tagged products and are referred to as “digital collectibles”. Clicking on the tag will show details such as the name of the creator and owner
Mark Zuckerberg announced that Instagram will begin testing non-fungible tokens (NFTs), with similar functionality coming to Facebook soon
Instagram chief Adam Mosseri confirmed in a video today that a “handful of US creators and collectors” will have the ability to view NFTs on their feeds, stories and in messages.
“There are several ways creators can make money right now, but many of them are unpredictable and change rapidly,” he said.
“We think a really cool opportunity for a subset of creators is NFT: the idea of owning a unique digital object.”
NFT details are displayed on Instagram in a similar way to profiles and tagged products and are referred to as “digital collectibles”.
Clicking on the tag will show details such as the name of the creator and owner.
Mosseri said there would be no fees associated with posting or sharing a digital collectible on Instagram.
“I want to acknowledge in advance that NFT and blockchain technologies – and Web3 more broadly – are about distributing trust, distributing power. But Instagram is basically a centralized platform, so there’s a tension there,” Mosseri said.
“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 make sure we understand how to embrace those principles of distributed trust and distributed power, despite the fact that we are, yes, a centralized platform.
‘We think one of the unique opportunities we have is to make Web3 technologies accessible to a much wider range of people.
“And NFTs in particular we think will be interesting not only for creators who create NFT art, but also for people who want to collect it.”
NFTs are most commonly sold in so-called “drop”, timed online sales by blockchain-supported markets.
According to a CoinDesk report over the weekend, the company said compatible third-party wallets will be MetaMask, Rainbow, and TrustWallet.
Instagram will initially support Ethereum-based NFTs, with integrations for Polygon, Solana and Flow to be added at a later date, the post also confirmed.
Instagram chief Adam Mosseri confirmed in a video today that a “handful of US creators and collectors” will have the ability to view NFTs on their feeds, stories and in messages.
Mosseri pointed out that support for NFT on Instagram could help introduce the technology to a wider range of people.
“We think one of the unique opportunities we have is to make Web3 technologies accessible to a much wider range of people,” he said.
“And NFTs in particular we think will be interesting not only for creators who create NFT art, but also for people who want to collect it.”
Instagram isn’t the first social media platform to introduce NFTs.
Twitter introduced them to the platform in January, as hexagonal shaped profile pictures. An icon in the corner of NFT’s Instagram posts also appears as a hexagon.
Although businesses and celebrities were quick to jump on NFTs, however, a report in the Wall Street Journal last week said sales have fallen from last September’s peak.