A group of creators and collectors of non-replaceable tokens (or NFTs) will soon be able to display their tokens on Instagram. Meta CEO Mark Zuckerberg confirmed in today’s announcement that the company is testing NFTs on the platform, and “similar functionality” will soon arrive on Facebook.
said Instagram host Adam Mosseri video today that a small group of U.S. users will be able to display NFT in their feed, stories, and messages. NFT details are displayed in a similar way as marked profiles and products and are referred to as “digital collectibles”. Clicking on the label will display details such as the name of the author and owner.
NFTs on Instagram
This week we are starting to test digital collectibles with a handful of American creators and collectors who will be able to share NFTs on Instagram. No fees will be charged for publishing or sharing digital collectibles on IG.
See you next week! ✌ pic.twitter.com/VuJbMVSBDr
– Adam Mosseri (@mosseri) May 9, 2022
Mosseri said the test is small to begin with so Instagram can learn from the community. Perhaps in an attempt to tackle the distrust of the big social networking platform that is jumping into NFT, he is raising tensions between big companies like Instagram and the decentralized Web3 ethic.
“I want to acknowledge in advance that NFT and blockchain technologies and Web3 are more broadly related to trust distribution, power distribution,” Mosseri says. “But Instagram is basically a centralized platform, so there’s tension.”
NFTs minted on the Ethereum and Polygon blocks will be supported initially, and Solana and Flow will be coming soon, according to Meta spokeswoman Christine Pai.
Mosseri points out that support for NFT on Instagram could help introduce the technology to a wider circle of people. Instagram isn’t the first platform to do so: in January, Twitter introduced NFTs on the platform as hexagonal profile images. The icon in the corner of NFT’s Instagram post also appears as a hexagon. Although companies and celebrities quickly jumped on NFTs, and some recent sales have led to temporary spikes in activity, the report The Wall Street Journal last week he said sales had fallen since last September’s peak.
Update May 9 at 1pm ET: Updated to include a comment from Meta on blockchains supported on Instagram. Added embedding of Mark Zuckerberg’s video announcement.