The social media giant has finally entered the world of Non-Fungible Tokens (NFTs). NFT is a unique digital token encrypted with an artist’s signature verifying their ownership and authenticity. In addition, NFTs can be a part of a collection or a piece of virtual art.
It costs hundreds of thousands of dollars to purchase a single NFT from popular groups like Bored Ape Yacht Club and CryptoPunks.
Instagram has confirmed that the popular photo-sharing app will start testing non-fungible tokens (NFTs). Instagram will be one of the social media platforms to introduce NFT profile pictures.
Adam Mosseri said in a Twitter post, “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 for posting or sharing a digital collectible on IG. I want to acknowledge upfront that NFTs are all about distributing trust and power. But Instagram is fundamentally a centralized platform, so there’s a tension there. So one of the reasons why we’re starting small is so that we can learn from the community. Over the next several months, [you’ll get] the ability to bring some of your NFTs in, and hopefully be able to mint things within that environment.”
Mark Zuckerberg said, “I think a big part of what we need to do is lean into the different ways that creators could make money. Some of that will be things like supporting commerce, and part of that will be NFTs and ownership around that. Part of it will be about making it easy for people to pay for things.”
According to a post, Adam Mosseri stated that the select users would soon be able to share NFTs that they’ve made or bought in Feed, Stories, or messages. Only some minor part of creators and collectors in a set test group will be able to post NFTs that they created or own by linking third-party digital wallets in-app.
The working wallets include Rainbow, MetaMask, and Trust Wallet. Support for Coinbase, Dapper, and Phantom. Instagram is currently working with a minor group of Instagram users to test the feature, which will let users share NFTs in their main feed and Stories and messages by linking third-party digital wallets in-app.
In addition to that, the company is also working on three-dimensional, augmented-reality NFTs with its Spark AR software, which will first be compatible with Instagram stories.