by KEY POINTS
- Instagram announces the start of Instagram NFT integration
- Zuckerberg said Meta is also working on “augmented reality NFTs” on Instagram
- Deutsche Bank believes Instagram NFT integration could make NFT more mainstream
Instagram, the photo and video sharing social media service owned by Meta, announced the highly anticipated integration of non-fungible tokens (NFTs) this week. While publishing digital collectibles is free, unfortunately it’s not for everyone.
“This week we begin testing 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,” said Instagram CEO Adam Mosseri. he said Monday.
The blockchains supported by the Instagram NFT launch are Polygon and Ethereum, while support for Solana and Flow are said to follow suit soon. Metamask, Rainbow, and Trust are third-party wallets that users could access at the launch of the integration, while support for Dapper, Phantom, and Coinbase is promised to roll out at a later date.
With Instagram’s NFT Integration Test, creators and owners can share their digital collectibles to their top IG feed, messages, or stories. The test, however, is not for everyone, but only for a limited number of people. After collecting proof and feedback, Instagram plans to include more NFT-related features.
Meta CEO Mark Zuckerberg said the move to test NFTs on Instagram is just the beginning of an ecosystem-wide integration of non-fungible tokens, revealing that the team plans to display digital collectibles in other apps under Meta, including Facebook, WhatsApp and Messenger.
“We’re starting to build out NFTs not only in our metaverse and Reality Labs work, but across our entire family of apps,” Zuckerberg said in an interview with Impact Theory’s Tom Bilyeu shared on Facebook on Monday. functionality to Facebook soon,” promised the CEO.
Zuckerberg also noted that in addition to NFTs, the team is also researching “augmented reality NFTs” for the photo- and video-sharing social media platform. Data and information provider DataReportal reported that Instagram has about 1.5 billion users worldwide as of January 2022, a massive user count, which is half of Facebook’s 2.9 billion users.
german bank saying in March that Instagram’s NFT integration has the potential to drive the overall market going mainstream. With billions of users, the multinational investment bank and financial services company believes the integration could help “lower the barriers to entry” for NFTs, allowing anyone to create and sell NFTs.
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