In a conversation with web3 entrepreneur Tom Bilyeu, Meta CEO Mark Zuckerberg revealed that Instagram has begun testing NFTs. One of Meta’s other platforms, Facebook, will soon adopt a similar feature. Zuckerberg added that augmented reality NFTs will be brought to Instagram Stories through the company’s Spark AR technology, which allows users to project digital art into physical spaces.
Instagram includes NFTs on its platform
In a video post on Monday, Instagram head Adam Mosser confirmed that a select group of US users will be able to use the NFT feature in their feeds, stories and messages. NFT details, named “Digital Collectibles”, will be displayed similarly to marked profiles and products. Users can click on them and access information about the creator and owner.
While promoting the new feature, the Instagram chief also commented on the tension between big companies like Instagram and Web3 companies that operate on the principle of decentralization.
“I want to acknowledge in advance that NFTs and blockchain technology and Web3 more generally are all about distributing trust, distributing power. But Instagram is fundamentally a centralized platform, so there are tensions there.”
Instagram will allow users to share NFTs in their main feed as well as stories and messages by linking to third-party digital wallets including Rainbow, MetaMask and Trust Wallet, with Coinbase, Dapper and Phanton coming soon. According to reports, NFTs built on major blockchains such as Ethereum, Polygon, Solana, and Flow can currently be showcased on Instagram as they account for the majority of the market.
The social media giant confirmed that users will not be charged for posting NFTs. The launch of this new feature is expected to rapidly drive mainstream adoption of NFTs and crypto wallets, as Instagram has over 1 billion users worldwide.
Zuckerberg bullish on Web3
While acknowledging that Web3 is far from mature, Zuckerberg said that Web3 applications will reach that state within five years. The CEO stressed that the introduction of NFTs on Instagram is a step that other Meta-owned platforms will soon follow. The goal is to inspire creators to acquire a new form of expression.
In March, a Deutsche Bank report stated that the deployment of NFT technology on Instagram has the potential to energize and mainstream the entire market, as it will simplify the process of transacting with such assets and reduce barriers to accessing them.
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