In a Facebook video posted earlier this week, Meta boss Mark Zuckerberg discusses Instagram’s NFT integration, which he says should be tested this week. The director spoke about all things Web3 and the Metaverse, citing big things in the future with augmented reality NFTs, which users could potentially share via Instagram Stories from the company’s Spark AR software.
†We’re starting to build for NFTs, not just in our Metaverse and Reality Labs work, but across our entire suite of apps.he says in the middle of the interview with Tom Bilyeu. †We’re starting to test digital collectibles on Instagram so creators and collectors can show off their NFTs†
NFTs on Instagram
This week, we’re starting to test digital collectibles with a handful of American creators and collectors who can share NFTs on Instagram. There is no charge for posting or sharing a digital collectible on IG.
See you next week! pic.twitter.com/VuJbMVSBDr
— Adam Mosseri (@mosseri) May 9, 2022
While he doesn’t give a specific date on when users can expect full NFT functionality on Instagram, he does highlight the importance of the use case and why creators and collectors would be excited to use the platform for this purpose in the future. that ‘it’s about expression’ and ‘saying something about yourself’. †
Zuckerberg also said a “similar feature” would be coming “soon” to Facebook, adding that NFT integration could be rolled out in “other apps in our family,” as well as a successful Instagram rollout and eager use by users. The integration doesn’t stop at popular 2D NFTs and animated forms of digital collectibles, as the director reported a craze for building comprehensive 3D NFT articulation through the society’s AR platform.
†We will too working on augmented reality NFTsactually 3D NFTs, which you can bring to Instagram Stories with Spark AR, our AR software platform‘ says Zuckerberg. †So you can put this kind of digital art in 3D spaces and project it a bit on physical spaces as well†
Limited first tests
Adam Mosseri, head of Instagram, posted his own video on Twitter announcing the testing of Instagram’s NFT integrations. He notes thata limited number of collectors and creators in the United States “will be able to share NFTs on Instagram starting this week”† He also claims that the project will not involve any costs associated with “posting or sharing a digital collectible on IG”.
Said users can show their NFTs on the Instagram platform in the form of internal posts, stories and of course the main posts feed. The details surrounding the posted NFT are displayed in the tagged products manner, with the tag indicating the owner and creator of the NFT after it is clicked. These tags are referred to as “digital collectibles” for all concerned.
The first tests remain limitedInstagram learns along with the community in the NFT onboarding process. The photo-sharing platform only supports blockchains such as Solana, Flow NFT, Ethereum, and Polygon so far.
It’s not clear yet what change this will bring for Instagram, as several reports suggest the NFT market is stagnating and flattening holistically as digital asset valuations slowly decline. However, Instagram wouldn’t be the first of its kind in the social media space to introduce such Web3 followers, as evidenced by Twitter’s NFT profile picture integration, which debuted in January.
For Mosseri, the adoption of NFTs on Instagram is onlya springboard to wider adoption of the assets in question† The Instagram executive also noted that while NFTs are a specific brand in decentralized Web3 concepts, “Instagram is basically a centralized platform†