- Instagram, the social media giant, has initiated testing Non-Fungible Tokens (NFTs).
- Instagram’s head Adam Mosser expressed that there are tensions because Instagram is a centralized platform.
- NFTs integration by Instagram might boost the NFT adoption given the platform’s huge user base globally.
Meta CEO Mark Zuckerberg recently disclosed that Instagram has started testing Non-Fungible Tokens (NFTs).
Insta And NFTs! Whatta News For Social Worms
Zuckerberg talked about it in a conversation with Tom Bilyeu; the web3 entrepreneur also highlighted that Meta’s Facebook would also adopt similar functionalities. And that Augmented reality NFTs will be brought to Instagram stories through the firm’s Spark AR technology facilitating the users to project digital art into physical spaces.
Furthermore, in a recent video, Adam Mosser, the Instagram head, also confirmed that a chosen group of folks based in the US would be able to access the NFT features on their feed, stories, and messages. NFT details named digital collectibles will be shown similarly to tagged products and profiles. The users can also know about the information and owner by clicking on them.
Mosser also talked about the tension between large companies like Instagram and Web3 firms functioning on the decentralization principle while promoting the functionalities.
He highlighted that NFTs, blockchain technologies, and Web3 are all about distributing power and trust. But Instagram is basically a centralized platform, and there’s a tension there.
The users would be able to share NFTs in their feed, messages, and stories by linking third-party digital wallets like MetaMask, Rainbow, and Trust Wallet with Dapper, Coinbase, and Phanton to be available soon. And apparently, the NFTs built atop significant blockchains like Ethereum, Solana, Polygon, and Flow could be displayed as of now on Instagram.
The adoption of NFTs on a worldwide level might grow with this feature as Instagram has a massive user base. The platform has confirmed that they won’t be charged for posting NFTs.
The Meta CEO also signified that introducing NFTs on Instagram is a move that other Meta-owned platforms would follow soon. And he also seems to be quite optimistic about Web3.
Source: https://www.thecoinrepublic.com/2022/05/10/mark-zuckerberg-instagram-starts-nfts-trial-facebook-plans-a-similar-move/