By enabling Instagram users to purchase and sell non-fungible tokens (NFTs) with credit and debit cards, tech giant Meta may be able to avert the crypto crisis. The facility is anticipated to be operational by 2023.
NFTs are one-of-a-kind digital files that reside on a blockchain and can typically be traded for cryptocurrencies.
“On Instagram, if you see an NFT you like, you can purchase it via credit card or debit card using in-app purchases that are available on various app stores, either IOS or Android (operating system ),” said Mr. Tang Wei, Public Policy Manager, Meta Financial Technologies APAC, at a media event last Thursday to launch Meta’s art initiative, called Art Reimagined Singapore. “We’re not here to encourage speculation or encourage people to flip artifacts. We want to encourage creators to connect with their audiences and give viewers, their fans, the ability to help that creator They want to do what they care about. And we want to do it as soon as possible.”
Meta said in June that it would begin testing Instagram in-app payments.
Meta revealed in early November that Instagram users would be able to develop and sell their own digital collections on and off Instagram. A select group of creators in the United States are testing new features that will be pushed out internationally in 2022, including Singapore in 2023.
Instagram will also add Solana Blockchain and Phantom Wallet to the list of already-compatible blockchains and wallets. Rainbow, MetaMask, and Trust Wallet are examples of linkable third-party wallets, whereas blockchains include Ethereum, Polygon, and Flow.
Art Reimagined Singapore is a project that aims to empower artists using Augmented Reality (AR) technology. It has already been introduced in South Korea and Taiwan. Using the Meta Spark platform, which enables creators to work in novel ways, the AR experiences were developed.
At the Art Reimagined show at the Hatch Art Project in Singapore, famous Singaporean artists Goh Beng Kwan and Kumari Nahappan, as well as Norhaizad Adam, an artist and choreographer who specializes in traditional Malay dance, showed their work.
They were asked to use AR tools to create digital works. You can see these works of art on Instagram at artreimaginedsg, which is the handle for Art Reimagined Singapore.
Large sculptures like Nutmeg at ION in Orchard Road and Saga at Changi Airport are Nahappan’s claim to fame. During the Covid-19 pandemic, she experimented with NFTs, but wanted to understand more about the devices.
“Digital art can be planned for a different audience,” she said.
His Tango AR digital piece was a collaboration with digital studio Serial CO_. Jake Tan, its executive director, chief technology officer, and creative director, stated:
“On Instagram, with that social experience, I think it’s more for art collectors.” He also liked the validation that came with it. “If I connect my wallet now, anyone can go and see that it’s verified by this Instagram handle.”