Instagram is currently testing the NFT feature which will be available to some US creators
Instagram’s head Adam Mosseri announced today that the platform will start testing NFTs with a select group of creators in the United States this week. Mosseri stated that there will be no cost to uploading or sharing a digital collectible on Instagram. At the moment, Instagram supports Ethereum and Polygon blockchains for showcasing NFTs, with support for Flow and Solana on the way. Rainbow, MetaMask, Trust Wallet, Coinbase, Dapper, and Phantom will be available at launch.
After the testing period is over, creators and participants will be able to share NFTs they’ve produced or purchased. You may post these NFTs on your primary Instagram feed, in Stories, or messages. Mosseri stated that only a small group of individuals has access to the Instagram test, but the firm plans to expand functionality connected to NFTs as a result of its first testing.
NFTs on Instagram 🎉
This week we’re beginning to test 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.
See you next week! ✌🏼 pic.twitter.com/VuJbMVSBDr
— Adam Mosseri (@mosseri) May 9, 2022
“I want to acknowledge upfront that NFTs and blockchain technologies are all about distributing trust and distributing power,” Mosseri said in his announcement. “But Instagram is fundamentally a centralized platform, so there’s a tension there. So one of the reasons why we’re starting small is we want to make sure that we can learn from the community. We want to make sure that we work out how to embrace those tenets of distributed trust and distributed power, even though we are, yes, a centralized platform. We do think that one of the unique opportunities we have to to make web3 technology accessible to a much broader range of people. And NFTs specifically we think will be interesting not only to creators who create NFT art but also to people who want to collect it.”
According to Mosseri, Instagram is extremely focused on the creator economy. However, one of the problems that Instagram is looking at is how while there are currently a variety of different methods for creators to generate money, many of them are unpredictable and changing frequently. This fresh launch will provide a unique chance for a certain group of makers.
Similar functionality will be accessible to Facebook users soon, according to Meta CEO Mark Zuckerberg, and it could appear in other Meta apps in the future. Zuckerberg added that Metas would focus on augmented reality NFTs — 3D NFTs that you may use with Spark AR, the company’s software AR platform.
EMEA tech comms at Meta, Alexandru Voica, tweeted in a series of deleted tweets that have since been erased that “in the metaverse, people will buy, use, and share digital goods and experiences, and NFTs are a key piece of the puzzle for making this a reality.”
Voica went on to say that because NFTs are an important element of the metavendor’s economic potential, Meta is focusing on them at first. Voica stated that while Meta is interested in a variety of web3 technologies due to his belief that they will lower costs, expand access, and speed innovation for creators and individuals all over the world.
The debut has been anticipated for weeks, following Zuckerberg’s remark at SXSW that Meta will be bringing NFTs to Instagram soon, one of the reasons why today’s announcement isn’t exactly a surprise. Last summer, Instagram hosted “Creator Week,” an invite-only virtual summit that the company referred to as a “private event for NFT creators” in its invites.
Instagram’s NFT test follows Twitter, which allowed premium users to use NFT profile photos earlier this year. It’s not only Instagram and Twitter that are interested in utilizing web3 technologies, as YouTube CEO Susan Wojcicki suggested the platform may utilize web3 technologies like NFTs to assist video producers earn money.
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