Last year, the head of Instagram, Adam Mosseri indicated that it is “actively exploring NFTs” and looking to integrate them into the social media platform. NFTs are definitely garnering a lot of attention and sooner or later Instagram would have figured out a way to introduce NFTs on the platform but this is happening much sooner than anyone expected! In March 2022, the CEO of Meta, Mark Zuckerberg also said that the company is looking to support NFTs on Instagram
We can expect Instagram to roll out NFTs on the platform this week. Artists will now have the ability to showcase their artwork in the form of NFTs on Instagram. The official announcement is expected to be made around this week. The company is planning to integrate NFTs from some of the biggest blockchains like Ethereum, Solana, Flow, and Polygon. These also feature some of the most valuable collections but it is still unclear whether the company will feature NFTs from all the above-mentioned blockchains at launch.
We can expect Instagram to roll out NFTs on the platform this week. Artists will now have the ability to showcase their artwork in the form of NFTs on Instagram. The official announcement is expected to be made around this week.
This will first be tested through a pilot that will first feature a group of NFT enthusiasts based in the U.S. The company plans to support popularly used crypto wallets such as MetaMask and users will have to connect or link their wallets to prove their NFT ownership and start showcasing their NFTs on the platform. Users can also tag the NFT creator while sharing it.
Further, the company will not charge its users for simply sharing and posting their NFTs on the platform similar to what Twitter did with its NFT profile pictures.
Meta has been striving to make Instagram a creator-focused platform and integrating NFTS will only increase the visibility of NFTs. The platform has more than 1 billion user base and it is already being used by creators to promote their art. So, the introduction of NFTs on Instagram seems apt.
the company will not charge its users for simply sharing and posting their NFTs on the platform similar to what Twitter did with its NFT profile pictures.
The news also came into the light during a crypto crash, when NFTs witnessed a 30% drop in volume within the span of a week. The NFT ‘fad’ seems to be on the decline from the beginning of this year. This news could help NFTs gain a little momentum.