IT HAS COME. If you’ve been waiting for NFTs to start showing up on Instagram, the time has come.
You can share NFTs on your feed, in articles, and in private messages. But for now, you can only use this feature if you live in the United States and are one of Instagram’s “handful of producers and collectors.”
Adam Mosseri, the CEO of Instagram, said in a video that “digital collectibles” would be used to label NFTs. When you touch it, you’ll see things like a description of the NFT, the author’s name, and who owns it.
First, Instagram will support collectibles made on the Ethereum and Polygon blockchains. Flow and Solana will be added later. At first, Instagram will work with MetaMast, Rainbow, and Trust Wallet. Later, it will also work with Coinbase, Dapper, and Phantom.
Mosseri said that sharing an NFT doesn’t cost anything. He also said that Instagram is a centralized platform, so it wants to learn from the community how to share trust and authority.
Instagram doesn’t have any paying users, unlike Twitter, which tried letting paid users use NFTs as profile pictures. So, it had to choose which authors could use the function by hand, which doesn’t seem like the best way to “distribute trust.”
Meta wants to do more than just distribute NFTs
Meta’s statement hinted that the company is thinking about NFTs in ways other than just putting them on feeds.
Mosseri said that the creative economy is important to Instagram and that helping artists make money is one of the problems that the business has. In the future, Instagram might be able to sell digital collectibles.
There are a few signs that point in that direction. Alessandro Paluzzi, a mobile developer, has tweeted several times about Instagram testing digital collectibles. Some of the pictures even hint at a bidding system.
Mark Zuckerberg made a video on Facebook that showed more of the company’s NFT goals. A piece of his conversation with YouTuber Tom Bilyeu shows that the company plans to add NFTs to Facebook as well.
Using its Spark AR technology, it is also looking into making augmented reality NFTs so that you can “insert digital art into real places.”
A Facebook executive’s deleted tweets also hinted that NFTs could be used in the metaverse to trade digital products and experiences.
Meta is just starting out with NFTs, but it has already said that its goals are higher than those of Twitter.
But, as we wrote in March, there are a lot of scams and crimes in the sector. Because of this, it is very important for the company to make security and teaching tools about NFTs to protect artists and collectors from hacks and derivative art projects.