Creators and collectors of non-fungible tokens (or NFTs) will soon be able to display their tokens on Instagram. In a blog post today, Meta CEO Mark Zuckerberg stated that the company is testing NFTs on the platform, with "similar features" coming shortly to Facebook.
Instagram CEO Adam Mosseri announced today in a video that a small set of US users will be able to see NFTs in their feed, stories, and messages. NFT information is labeled "digital collectibles" and is displayed similarly to tagged profiles and products. When you click on the tag, you'll see information like the creator's and owner's names.
Mosseri stated that the test will be small at first in order for Instagram to learn from the community. He may bring up a contradiction between massive firms like Instagram and the decentralized ethos of Web3 in an attempt to address mistrust of a major social networking platform entering NFTs.
"I'd like to state right away that NFTs, blockchain technologies, and Web3, in general, are all about spreading trust and power," Mosseri explains. "However, because Instagram is primarily a centralized platform, there is a friction."
According to Meta spokesperson Christine Pai, NFTs issued on the Ethereum and Polygon blockchains will be supported initially, with Solana and Flow coming soon.
NFTs on Instagram 🎉— Adam Mosseri (@mosseri) May 9, 2022
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
Mosseri notes that Instagram's support for NFTs might help bring the technology to a bigger audience. Instagram is not the first social media website to do so: Twitter released NFTs as hexagon-shaped profile images back in January. A hexagon appears as a symbol in the corner of NFT Instagram postings. Despite the fact that firms and celebrities have been quick to hop on NFTs, and certain recent transactions have resulted in transitory activity spikes, The Wall Street Journal reported this week that sales have flatlined since a peak last September.