Non-fungible tokens (NFTs) are coming to Instagram. Meta (erstwhile Facebook) CEO Mark Zuckerberg had announced that Instagram is getting NFTs soon, and according to a latest report, that might be as soon as this week.
Meta has been planning NFT integration with Instagram since a while, given the company’s CEO has already talked about it in public. Now, a report in CoinDesk has said that NFTs from some of the most popular blockchain networks are coming to Instagram. According to report, NFTs on Ethereum, Polygon, Solana, and Flow are coming to Instagram as these blockchain networks host the majority of NFTs. The report said that the pilot on Instagram will feature a small group on NFT aficianados based in the US. However, it is not known if Instagram will support NFTs from the four blockchains mentioned above.
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The report in CoinDesk said that the photo sharing platform intends to support widely used crypto wallets like Metamask. By linking their wallets, users will be able to prove ownership of NFTs and showcase them on their Instagram profiles. CoinDesk “confirmed" that Instagram will not charge users to showcase and post their NFTs, similar to what Twitter did with the NFT profile pictures earlier this year.
This comes after Zuckerberg had said that Meta is exploring NFTs on Instagram back in March. He had said that the company is looking into NFTs and will launch venture into the space once the team figures out a way around the “technological challenges." Before this, Instagram chief Adam Mosseri had said that Instagram is “exploring" NFTs with the goal of bringing the technology to a wider audience last year.
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Instagram is a good platform for NFTs as there are more than a billion daily active users on the platform, and many people use Instagram to showcase their art.
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