News NFTs

Meta Introduces NFTs into Instagram

Instagram is starting to test NFT showcases across the platform. The early tests are limited to just sixteen accounts. But, Meta plans to build support across all its platforms down the line. This development is very significant in the growth of cryptocurrencies provided the influence Meta’s platforms as Facebook and Instagram have.

Instagram stated on May 10th that it is beginning to test the feature with a handful of U.S. collectors and creators of NFTs who “will be able to share NFTs on Instagram that they have created or bought.” These users will have access to the following features as of now:

  1. Selecting the NFTs users want to share from their wallets.
  2. Sharing NFTs a user has created or collected.
  3. Automatic tagging of the respective creator and collector.

Meta will currently be using open blockchains to collect data on and verify NFT ownership. At launch, the platform will be using Ethereum and Polygon for the purpose. Instagram declared that support for Flow and Solana will be added later this year. Coming to third-party wallet support, Instagram will include support for Rainbow, MetaMask and TrustWallet at launch. Support for Coinbase Wallet, Dapper and Phantom will be added soon to the platform. The service is going to be completely free. Considering the global emission impact blockchain and displaying of NFTs on the platform might incur, Meta has also pledged to buy renewable energy to maintain the global balance.

We do not have an official roll out date of the feature yet. But, it is supposed to be soon. The implementation of NFTs into Instagram is a huge step forward in the acceptance and growth of cryptocurrencies on a global level.

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