Meta CEO Mark Zuckerberg has announced that they would start testing digital collectibles or non-fungible tokens (NFTs) on its photo sharing app Instagram. Initially, the testing will be limited to select users in the US only.
They will be able to see NFTs on their Instagram Feeds, Stories and in message. While there will also be a new NFT tab added to participating accounts, with a tick in a hexagon to indicate verified NFTs.
According to Zuckerberg, the testing of digital collectibles will start with a handful of US creators and collectors. They will be able to share NFTs on Instagram. He has confirmed that there will be no fees associated with posting or sharing a digital collectible on Instagram.
Zuckerberg also said that similar functionality will also be introduced to other service such as Facebook.
Sharing the details Adam Mosseri, Instagram Head said that the NFT details will appear just like tagged profiles and products on the platform. Mosseri confirmed that they will be named “digital collectibles”. Users will see more details like the name of the creator and owner by clicking on the tag.
Meta has been planning NFT integration with Instagram since a while, given the company’s CEO has already talked about it in public.
It is believed that Instagram is a good platform for NFTs as there are more than a billion daily active users on the platform. Instagram is used by many people to showcase their art.
According to the Company, NFTs minted on the Ethereum and Polygon blockchains will be supported initially, with Solana and Flow coming soon. NFT owners will be able to connect their Rainbow, Trust Wallet and MetaMask accounts to verify NFT ownership.
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