Some U.S. collectors and artists will be allowed to showcase their NFTs on Instagram beginning this week.
Meta’s CEO said in a video posted on Monday that the company was going to begin testing support for digital artefacts across its applications. NFT and Web3 enthusiast Tom Bilyeu spoke with Zuckerberg about Meta’s plans to begin testing NFTs on Instagram with a small group of U.S. artists and collectors. It was revealed that the social media platform was testing digital collectables for the first time, allowing both makers and collectors to show off their newfound passion projects (NFTs). “Similar functionality” for Facebook will be tested this week on Instagram by Meta, according to Zuckerberg.
New features like NFTs enable you to “express something about yourself,” according to Mark Zuckerberg, who didn’t explain how the new feature will appear. According to Meta, it aims to experiment with integrating augmented reality NFTs into Instagram Stories using the company’s Spark AR virtual environment.
Some reports said Meta was planning to add Ethereum, Polygon, Solana and Flow support over the weekend. It’s unclear from Zuckerberg’s video of today which networks the first deployment will operate on. Even if Meta could hypothetically develop its own blockchain to enable NFTs, it would involve creating infrastructure and a user base when the great majority of NFT collectors are already accustomed to trading JPEGs on networks like Ethereum and Solana.
In March, Zuckerberg revealed Meta’s ambitions to support NFTs, but he didn’t provide many details as to how the company intended to enter the buzzy market. NFT aficionados are increasingly speculating that Meta might move into the digital collectables sector since several large corporations and technological platforms like Twitter, YouTube, and Reddit have shown signals of embracing crypto’s creator-driven environment. Facebook rebranded Meta in October when CEO Mark Zuckerberg declared that the business was moving its attention “to bring the Metaverse to life,” all but announcing that it will be taking a large interest in the crypto realm in the near future.
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