May 10, 2022
By Sharan Kaur Phillora
Meta CEO Mark Zuckerberg and Instagram head Adam Mosseri have announced Instagram will test a way for users to display non-fungible tokens (NFTs) on their profiles.
Here’s what we know:
Instagram is going to start testing NFTs with select creators in the United States this week. Adam Mosseri noted that there will be no fees associated with posting or sharing a digital collectible on Instagram.
At launch, the supported blockchains for showcasing NFTs on Instagram are Ethereum and Polygon, with support for Flow and Solana coming soon. The third-party wallets compatible for use at launch will include Rainbow, MetaMask, and Trust Wallet, with Coinbase, Dapper and Phantom coming soon.
Creators can share these NFTs in their main Instagram Feed, Stories or in messages. Mosseri outlined that only a limited number of people have access to the Instagram test, but the company plans to roll out more functionality related to NFTs in the future once it gets feedback from its initial testing.
“We’re starting building for NFTs not just in our metaverse and Reality Labs work, but also across our family of apps,” Zuckerberg said in the video. “We’re going to bring similar functionality to Facebook soon.”
Zuckerberg also said Meta is going to work on augmented reality NFTs, or 3D NFTs, that you can bring to Instagram Stories using Spark AR, which is the company’s software AR platform.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.