Instagram boss Adam Mosseri announced that the first tests of NFTs in the app begin this week, but only for select content creators. In the announcement, Mosseri commented that no value will be added to it when these types of collectibles are posted or shared.
At the moment, the blockchains that allow displaying NFTs are Ethereum and Polygon, with Flow and Solana to follow at some point. As for digital payment methods, third parties such as Rainbow, Trust Wallet and MetaMask will be used for the time being. The creators and the other people who are part of these tests can share NFTs that they have made or that they have purchased.
NFTs can be shared in the Feed, in stories or via private message. Mosseri explained that, at the moment, this function is only available to a limited number of people, but that in the future the company intends that the NFTs functions reach the rest of the users once the feedback from these first tests is received. .
Mosseri also commented that the creator economy is really important to Instagram, but one of the biggest challenges for the company was looking at how, even though there are currently several different ways for creators to make money. Many of these ways are unpredictable and ever-changing, and with this launch Instagram is creating an exciting opportunity for a subset of creators.
Meta CEO Mark Zuckerberg also commented that this feature is coming to Facebook soon and likely other Meta apps in the future. But Zuckerberg wants to take it one step further as he reported that Meta is working on augmented reality NFTs that can give Instagram stories a different touch thanks to Spark AR.
Meta tech EMEA Alexandry Voica commented that Meta started paying attention to NFTs because they are an important aspect for the future of the economy in the metaverse. But NFTs are just one of the technologies the company is currently exploring. Meta is paying attention to all Web3 technologies because they believe they will reduce costs, expand access, and accelerate innovation for creators and people around the world.
Testing of NFTs on Instagram comes after Twitter allowed NFTs to be posted as profile pictures earlier this year. But Meta companies aren’t the only ones wanting to match Twitter. YouTube CEO Susan Wojcicki hinted that the platform could incorporate these Web3 technologies such as NFTs to help its content creators.
Rachel Maga is a technology journalist currently working at Globe Live Media agency. She has been in the Technology Journalism field for over 5 years now. Her life’s biggest milestone is the inside tour of Tesla Industries, which was gifted to her by the legend Elon Musk himself.