Non-fungible tokens or NFTs still seem to be all the rage. It probably comes as no surprise that Meta wants to be a part of it, so from now on you can buy and sell NFTs on Instagram.
The new feature has been released as a test for some users in the U.S. As Meta CEO Mark Zuckerberg announced, NFTs will become available on Facebook soon, too. This way, creators can offer their work, collectors can buy it, and Instagram gets yet another purpose that’s not photography.
Enjoyed talking to Tom Bilyeu about NFTs, web3 and the metaverse. This week we're starting to test digital collectibles on Instagram so creators and collectors can display their NFTs on their profile. Similar functionality is coming to Facebook soon, along with augmented reality NFTs on Instagram Stories via Spark AR so you can place digital art into physical spaces.
Posted by Mark Zuckerberg on Monday, May 9, 2022
Speaking with Tom Bilyeu in a podcast, Zuckerberg talked about Meta’s Metaverse, the role of AI, and the company’s NFT plans. For the sake of this article, we’ll stick with the NFTs (but you can hear the entire podcast below).
Zuckerberg confirmed that Instagram would support NFTs on the Ethereum and Polygon blockchains for a start. Then, support for the Flow and Solana blockchains is coming. It’s interesting that Meta also plans to roll out augmented reality NFTs, which Zuckerberg described as “3D NFTs.” If you want to buy or sell any of these, you need to link your Instagram to a third-party digital wallet. Rainbow, MetaMask, and Trust Wallet are available for now, and other wallets, including Coinbase and Dapper, are coming soon.
Speaking with Gizmodo, a Meta spokesperson said that „NFTs shared on Instagram by either their creator or owner will be identified with a visual ’shimmer.’” I’m not quite sure what it means and what it looks like since I don’t live in the U.S. and still can’t see the feature.
The story of NFTs on Meta’s platforms isn’t entirely new. Back in January, Zuckerberg mentioned that something like this could be coming to Instagram and Facebook. Then in March, Meta CEO confirmed that Instagram would indeed become a place for buying and selling NFTs. The feature is now in the test form, but I do expect it to become a part of Meta’s universe… At least while the NFT fad lasts.