What you need to know
- NFTs are coming to Instagram.
- The platform will this week begin testing the sharing of digital collectibles on its platform with a handful of creators.
- There won't be any fees for posting or sharing.
Instagram has this week announced that it will begin testing the sharing of NFTs on the platform with a small pool of select creators.
Head Adam Mosseri took to Twitter stating:
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.
In his announcement, Mosseri confirmed that a very small group of select creators will be able to post and share digital collectibles on the platform. The first supported platforms will be Ethereum and Polygon, with support coming later for Flow and Solana. Third-party wallet support will be available for Rainbow, MetaMask, and Trust Wallet, with more on the way soon.
Looking to flaunt your NFT collection on @Instagram? @Meta launches digital collectibles #poweredbyPolygon!
Select creators and collectors can now showcase their NFTs to a wider audience.
Know more: https://t.co/Kzgm1EYoOd pic.twitter.com/EU9FjtoJgALooking to flaunt your NFT collection on @Instagram? @Meta launches digital collectibles #poweredbyPolygon!
Select creators and collectors can now showcase their NFTs to a wider audience.
Know more: https://t.co/Kzgm1EYoOd pic.twitter.com/EU9FjtoJgA— Polygon - MATIC 💚 (@0xPolygon) May 9, 2022May 9, 2022
The feature will let people who own or create NFTs share them on Instagram, either as posts or stories or even in Messages. Instagram says that it is starting small so it can learn from the community, and highlighted the tension of Instagram being a fundamentally centralized platform, working with NFTs and blockchain tech that's all about decentralization.
Meta CEO Mark Zuckerberg confirmed in his own post on Facebook that NFTs would also be coming to that platform "soon", and that the company has plans for augmented reality NFTs on Instagram stories powered by Spark AR, allowing for the viewing of 3D NFTs in physical spaces on devices like Apple's best iPhone, the iPhone 13.
Meta has already announced plans to support transactions for digital goods including NFTs in its Horizon Worlds metaverse, drawing criticism over plans to charge 47.5% commission on sales including a hardware platform fee of 30% for sales made on marketplaces like the Meta Quest Store, as well as a 17.5% Horizon Worlds fee.
