Instagram will start allowing some users to display their non-fungible tokens (NFTS), Meta CEO Mark Zuckerberg and Instagram Head Adam Mosseri confirmed on Monday, May 9.
The feature will roll out this week and gives users the ability to display their digital collectibles on their profiles. Similar functionality is coming to Facebook soon, Zuckerberg confirmed, along with augmented reality (AR) NFTs on Instagram Stories via Spark AR so creators can place digital art in physical spaces.
“We’re starting building for NFTs, not just in our metaverse and Reality Labs work, but also across our family of apps,” Zuckerberg told YouTuber Tom Bilyeu in a video posted to Facebook. “A huge part of this… is about expression, saying something about yourself.”
Mosseri said in a video posted to Twitter that the feature would start with “a handful of US creators and collectors” on Instagram, and that there will be “no fees” associated with posting or sharing digital collectibles.
NFTs on Instagram ?
This week we’re beginning to test digital collectibles with a handful of US creators and collectors who will be able to share NFTs on Instagram. There will be no fees associated with posting or sharing a digital collectible on IG.
See you next week! ✌? pic.twitter.com/VuJbMVSBDr
— Adam Mosseri (@mosseri) May 9, 2022
“We think one really interesting opportunity for a subset of creators is NFTs — the idea of owning a unique digital item,” Mosseri said. “We wanted to start small and learn from the community.”
He went on to acknowledge the tension between the Web3 community and Instagram, explaining that as a centralized platform, there are barriers to overcome.
“We do think one of the unique opportunities we have is to make Web3 technologies accessible to a much broader range of people. And NFTs specifically, I think will interesting, not only to creators who create NFT art, but also to people who want to collect it.”
Instagram joins a growing list of platforms that are integrating NFT functionality into their experience. In January, Twitter Blue, the social media platform’s $2.99 USD per month premium subscription service, launched NFT profile pictures on iOS. And in February, OnlyFans let creators use verified NFTs as profile pictures.
For more Web3 news, visit Hypemoon.com.
Source: Read Full Article