Instagram is testing NFTs on its platform by enabling select US developers and collectors of NFTs (non-fungible tokens) to display their tokens on the site. Meta CEO Mark Zuckerberg said in a Facebook video that the company would begin testing the introduction of “digital collectibles” this week.
Instagram CEO Adam Mosseri revealed in a video that NFTs will be visible to a select group of US users in their feed, stories, and messages. Mosseri notes that Instagram’s support for NFTs might help bring the technology to a bigger audience. NFT data is labelled “digital collectibles” and is displayed in the same way as tagged profiles and products are. When you click on the tag, you’ll discover details like the name of the creator and the owner.
Mosseri stated that the test would be limited at first so that Instagram can learn from the community. He brings out a contradiction between massive corporations like Instagram and the decentralised ethos of Web3, perhaps to address mistrust of a major social networking site entering NFTs.
“I want to acknowledge upfront that NFTs and blockchain technologies and Web3 more broadly are all about distributing trust and power,” Mosseri explains. “But Instagram is fundamentally a centralised platform, so there’s a tension there,” he added.
According to Meta spokeswoman Christine Pai, NFTs created on the Ethereum and Polygon blockchains will be supported first, with Solana and Flow to follow. (Source: The Verge)
“I’m really excited to start testing this. We’re going to bring similar functionality to Facebook soon, too, and then maybe to other apps in our family,” Meta CEO Mark Zuckerberg said. “We’re also going to work on augmented reality NFTs, basically 3D NFTs, which you can bring to Instagram Stories using Spark AR, that’s our software AR platform. So you can put this kind of digital art into 3D space and kind of project it onto physical spaces as well.”
However, Instagram isn’t the first platform to bring NFTs to its platform. In January, Twitter debuted NFTs on its platform as hexagon-shaped profile pictures.