Instagram To Support NFTs

Twitter icon  •  Published 1 week ago  •  Mark Weaden

Meta’s leading social media platform will promote the use of non-fungible tokens (NFTs) from some of the most popular blockchains, allowing Instagram users to publish their crypto art

Meta’s leading social media platform will promote the use of non-fungible tokens (NFTs) from some of the most popular blockchains, allowing Instagram users to publish their crypto art. There is much excitement surrounding the announcement, as it looks like a pilot program will be available as of today. 

What Will The Platform Offer?

The aim is to launch support for major NFT networks, including Ethereum (ETH), Polygon (MATIC), Solana (SOL), and Flow (FLOW). While Ethereum remains the prominent network for NFT developers and artists to work on, Polygon and Solana have been adopted for a variety of new projects.

These blockchain networks command the vast majority of the NFT space. The acceptance of NFTs onto a platform as big as Instagram is a significant move for the industry, especially coming at a time when the price of Bitcoin is as low as it’s been in almost a year.

While it isn’t clear exactly what will be operational at the time of launch, the intention to open up to four major blockchains that are instrumental in the NFT space is encouraging. 

The Pilot Could Be Released Today

The pilot will be offered to a lucky few U.S. based customers. As it stands, we know very little about the plans for the pilot, including whether or not they’ll offer support for NFTs on all four aforementioned chains at launch.

Instagram has also stated that it intends to support crypto wallets like MetaMask. Users will be able to plug in their wallets and prove ownership, allowing them to showcase their NFTs on their profiles and tag creators. An Interview with CoinDesk has confirmed that Instagram won’t charge users for posting and sharing their NFTs. 

It’s unsurprising to see Meta make this move, given the surge in NFT ownership over the last couple of years and the shift towards web3 from Zuckerberg’s company. Instagram allows users to express creativity, which ties in well with the philosophy of many NFT proprietors.

With over a billion monthly active users, it’s going to reach a huge market. Whether Instagram users broadly embrace the new NFT options remains to be seen.

Author

Mark Weaden

Mark Weaden is a British researcher and crypto enthusiast, living in Barcelona. His work has been published on a variety of leading cryptocurrency sites.

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