Instagram, Meta's social media platform, will support non-fungible tokens (NFTs) for crypto art from a number of major blockchain networks, with a trial release expected as soon as this week, according to a CoinDesk report. According to the report, Meta is looking at NFT integrations for Ethereum, Polygon, Solana, and Flow.
The majority of digital collectible transactions occur on those networks, with Ethereum and its Bored Apes leading the race in terms of market capitalization. Interestingly, Instagram will not charge users for posting and sharing NFTs. This is much in line with Twitter's approach that took the same path for its hexagonal NFT profile images in January.
What's In Store?
It's no surprise that Instagram's long-in-development NFT display choices have now been released. As of now, Meta is looking at NFT integrations for Ethereum, Polygon, Solana, and Flow.
NFT owners will be able to authenticate their ownership by connecting their Rainbow, Trust Wallet, and MetaMask accounts. Users will be able to display their NFTs on the main Instagram feed, within Stories, and in Direct Messages.
Besides, participating accounts will get a new NFT tab with a tick in a hexagon indicating verified NFTs. According to Instagram head Adam Mosseri the Instagram test will presently be available to a small number of individuals, but the company aims to expand its NFT functionality once it receives feedback from its initial testing.
The pilot comes nearly two months after Facebook founder Mark Zuckerberg revealed that Instagram would support NFTs.
By extending the number of people who can use NFT, this integration is expected to enhance adoption. Twitter is now the only social media platform that has fully integrated NFTs.
A Long-Awaited Move
Instagram has been working on the feature since June last year, with early samples demonstrating how Instagram might not only promote NFTs, but also assist NFT sales, integrating into the larger digital products market.
Meta CEO Mark Zuckerberg has also praised NFTs and the larger role that digital commodities would play in the approaching Metaverse revolution. In March, while speaking to billionaire Daymond John at the South by Southwest (SXSW) conference in Austin, Texas, Zuckerberg announced that Instagram would bring NFTs to the platform.
However, He hadn't said anything explicit at the time, though.
According to a January report by the Financial Times, Facebook and Instagram were considering allowing users to generate and trade NFTs directly on the platforms, as well as adding NFT profile photos.
However, that's not the end as Meta recently also shared its other plans with digital currencies.
Last month, Meta said that it would develop its virtual currency, dubbed "Zuck Bucks," as part of its aim to launch a variety of virtual products to diversify its revenue and revitalize its user base.
That said, NFT trading has been on a steady decline lately. According to The Wall Street Journal, NFT sales have dropped by 92 percent since September, while active wallets have dropped by 88 percent since November.