- Instagram will support NFTs minted on Polygon and Ethereum initially and expand to more blockchain in the later stage.
- Mark Zuckerberg is also planning to bring augmented reality NFTs for Instagram stories through SparkAR.
Facebook’s parent company Meta Inc (NASDAQ: FB) is all set to make a move in the world of non-fungible tokens. As per the latest developments, Meta has partnered with Ethereum’s Layer 2 scalability platform Polygon to power NFTs on Instagram.
The first set of NFTs will arrive on Instagram ahead of this week. The company revealed the same in the latest video posted by Facebook CEO Mark Zuckerberg. The Meta chief’s comments during his latest interview with Tom Bilyeu wherein he talks in detail about Web 3, NFTs, and the Metaverse.
Zuckerberg further added that the company will initially test the waters with NFTs over Instagram. They will further take these features to Facebook as well as Meta’s other products down the line. Interestingly, Zuckerberg spoke of creating augmented reality NFTs for Instagram stories through SparkAR, a Meta-owned AR effects software.
Instagram will allow NFT creators as well as collectors to link their crypto wallets and display verified collectibles. The feature shall be first available in the United States and later in other parts of the world. Speaking of the development, Instagram chief Adam Mosseri said:
We wanted to start small and learn from the community. Web3 is all about distributing trust and power, but Instagram is fundamentally a centralized platform so there is tension.
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.
Expanding NFTs to more Blockchains
Currently, Instagram will support NFTs minted on Polygon and Ethereum. However, the company soon plans to add support for NFTs on other blockchain networks such as Flow and Solana. Some of the supported wallets include Rainbow, MetaMask, and TrustWallet. Others to come very soon are Coinbase wallet, Dapper wallet, and Phantom.
Meta said that NFTs displayed on Instagram will come with a unique “shimmer” effect. This will visually set them apart from standard shared photos and images. Furthermore, these NFTs shall be attributed to both – the creator and the collector. For its NFT initiative, Meta is collaborating with some popular creators such as Jen Stark and Gary Vaynerchuk.
NFTs are nothing but blockchain-based digital receipts that suggest ownership of an item. NFT sales skyrocketed during the last year of 2021. The year 2021 recorded $41 billion of NFT sales as per the data from Chainalysis. As a result, more and more businesses are experimenting with the idea of integrating NFTs into their operations.
Earlier this year, social media giant Twitter allowed ownership of NFT profile pictures for Twitter Blue customers. Meta has received some criticism for its move into crypto. However, the company might not have any other option! Speaking to The Defiant SuperRare founder John Crain said:
It’s a no-brainer. Their original business model is being around creatives not being able to directly monetize their content, and NFTs completely changed that. They’re in a situation where it’s innovate or become obsolete.