Solana, Ethereum Flow, and Polygon are among the main sites that Instagram aims to incorporate non-fungible tokens (NFTs) from, Coindesk said. One might anticipate an announcement on the pilot project on Monday.
Some of those who have shown interest in NFT will be targeted by the new platform, according to the article. During the experiment, Instagram may or may not support NFTs from all networks. Users will not be charged for the presentation of their NFTs on the platform.
Almost two months after Mark Zuckerberg stated that Instagram will be adding NFTs, the pilot has begun. Zuckerberg informed Daymon John of Shark Tank that Meta is “working on introducing NFTs to Instagram in the near future” during the South by Southwest conference in Austin, Texas.
MetaMask, one of the most popular crypto wallets, has also been verified to be supported by Instagram. Users will need to link their wallets to the site before they can show their NFTs on their profile and confirm ownership, therefore this will be important. They’ll be able to identify the people who made the NFTs, too.
NFT adoption is likely to rise as more individuals gain access to NFTs as a result of this integration. Twitter is the first social media network that has completely incorporated NFTs.
Reddit and YouTube have also recently launched NFT integration pilots, allowing content providers to experiment with the technology. In contrast, Instagram’s over one billion monthly users would introduce NFTs to a new demographic.
The parent company of Instagram, Meta, has also disclosed ambitions to employ blockchain technology in a variety of other ways. Increased business interest in metaverse has resulted from Facebook’s decision to change its name to Meta last year.
Facebook is said to be working on a feature that would allow users to establish and join groups later this year. Meta is said to be working on a virtual currency named Zuck Bucks as well.
Not all of its recent media attention may be attributed to events in the cryptocurrency industry. Several lawsuits have been filed against Meta for trademark infringement and failing to deal with crypto fraudsters on its platforms, among other things.
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