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  /  Latest News   /  NFTs on Instagram! Is It Zuckerberg’s Achievement or Another Failure?
NFT

NFTs on Instagram! Is It Zuckerberg’s Achievement or Another Failure?

Meta CEO Mark Zuckerberg confirmed in a post that the company is finally testing NFTs on the platform!

A group of non-fungible token creators and collectors will soon be able to display their tokens on Instagram. Meta CEO Mark Zuckerberg confirmed in a post that the company is testing NFTs on the platform, with “similar functionality” coming soon to Facebook. Instagram head Adam Mosseri said in a video today that a small group of US users will have the ability to display NFTs on their feed, stories, and messages. NFT details are displayed in a similar way to tagged profiles and products and are named “digital collectibles.” Clicking on the tag will display details, like the name of the creator and owner.

NFTs minted on the Ethereum and Polygon blockchains will be supported initially, with Solana and Flow coming soon, according to Meta spokesperson Christine Pai. It is emphasized that the support for NFTs on Instagram could help introduce the technology to a broader range of people. But Instagram isn’t the first platform to do so. In January, Twitter introduced NFTs on the platform as hexagon-shaped profile pictures. An icon in the corner of Instagram posts of NFTs also appears as a hexagon. Though companies and celebrities have been quick to jump on NFTs, and some recent sales have produced temporary activity spikes, a report by The Wall Street Journal last week said sales have flatlined since a peak last September.

While discussing NFT in a report, Mosseri also noted the disconnect between the decentralized nature of Web3 techs like NFTs and the blockchain and the fact Instagram is a centralized platform. “One of the reasons why we’re starting small is we want to make sure that we can learn from the community,” he added. “We want to make sure we can work out how to embrace those tenets of distributed trust and distributed power, despite the fact that we are a centralized platform.”

Users won’t need to pay any fees “associated with posting or sharing a digital collectible” on Instagram. Meta believes that NFTs could provide a way for a subset of creators to earn a living on the platform. That suggests users will be able to buy and sell them directly on Instagram at some point. Meta CEO Zuckerberg has said in an interview that creators may eventually be able to mint NFTs in the app too. Engadget has contacted Meta for more details.

Zuckerberg has also spoken about other ambitions for NFTs in the company’s take on the metaverse. “I would hope that you know, the clothing that your avatar is wearing in the metaverse, you know, can be basically minted as an NFT and you can take it between your different places,” he said at SXSW in March. Now whether this attempt will be a successful one or a flop, only time will tell. But it is for sure that the NFT market will gain huge traction if Zuckerberg manages to successfully imply this on his platforms.