Creators and collectors of non-fungible tokens or NFTs will soon be able to display their tokens on Instagram. In a blog post today, Meta CEO Mark Zuckerberg confirmed that the company is testing NFTs on the platform, with “similar functionality” coming soon to Facebook.
Instagram CEO Adam Mosseri announced today in a video that a small group of US users will be able to see NFTs in their feed, stories, and messages.
NFT details are labeled “digital collectibles” and are displayed similarly to tagged profiles and products. When you click on the tag, you’ll see information like the creator’s and owner’s names.
Mosseri stated that the test will be small at first so that Instagram can learn from the community. He may bring up a tension between large companies like Instagram and the decentralized ethos of Web3 in an attempt to combat distrust of a major social networking platform entering in this technology.
According to Meta spokesperson Christine Pai, NFTs created on the Ethereum and Polygon blockchains will be supported initially, with Solana and Flow coming soon.
Mosseri emphasizes that Instagram’s support for it could help introduce the technology to a broader audience. Instagram isn’t the first platform to do so: Twitter introduced NFTs as hexagon-shaped profile pictures in January.
A hexagon appears as an icon in the corner of NFT Instagram posts. Despite the fact that companies and celebrities have been quick to jump on NFTs, and some recent sales have resulted in temporary activity spikes, The Wall Street Journal reported last week that sales have flatlined since a peak last September.
To read our blog “‘Instagram of the Bored Ape Yacht Club hacked, $3 million NFTs were taken,” click here.
