Instagram to pilot NFT feature that allows select US creators and collectors to post their digital collectibles without charge
Instagram's pilot will initially support NFTs minted on the Ethereum and Polygon networks but support for Solana and Flow-based NFTs will be coming soon.
Wed, 11 May 2022, 07:57 am UTC
Instagram users may soon be able to display their prized collection on their social media accounts. The company announced that it is starting a pilot for the NFT feature this week.
Instagram’s new NFT feature was confirmed in a post by Meta CEO Mark Zuckerberg, according to The Verge. Facebook users can also look forward to an NFT feature as the tech billionaire added that a “similar functionality” will be coming to FB soon.
The pilot will allow a select group of U.S.-based non-fungible token (NFT) creators and collectors to display their tokens on Instagram, according to Coindesk. To allow the NFT feature, Instagram is planning the integrations for the Ethereum, Solana, Polygon, and Flow networks, which host a majority of digital collectibles trading.
According to Instagram head Adam Mosseri, the small group of users participating in the pilot will be able to display their NFTs on their feed, stories, and messages. Clicking on the NFT’s tag will display its details such as its creator and owner. The platform will not charge users for posting their digital collectibles.
“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,” Mosseri said on a tweet. “There will be no fees associated with posting or sharing a digital collectible on IG.”
The Instagram executive added that the test is small in scope at the moment as the company wants to get feedback from the NFT-owning community. The company is probably testing the waters as Mosseri pointed out of a tension between big tech firms like IG and the decentralized ethos of Web3.
“I want to acknowledge upfront that NFTs and blockchain technologies and Web3 more broadly are all about distributing trust, distributing power,” Mosseri said. “But Instagram is fundamentally a centralized platform, so there’s a tension there.”
Meta spokesperson Christine Pai said that Instagram’s pilot will initially support NFTs minted on the Ethereum and Polygon networks. However, she added that support for Solana and Flow NFTs will be coming soon.
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