Instagram is gearing up to support NFTs, built on some of the most popular blockchain networks. NFTs are digital collectibles, that lean on the blockchain network for storage and support. These virtual keepsakes can be inspired by literally anything — music, video games, artists, iconic brands, and digital characters.
According to CoinDesk, Meta plans to add support for NFTs released on Ethereum, Polygon, Solana and Flow to Instagram. These networks host the vast majority of trading in digital collectibles, with Ethereum and its Bored Apes leading the way by market cap. The pilot program will feature a small number of NFT enthusiasts from the United States. Instagram, for now, is not looking to charge users for posting their NFTs on its platform. It wasn’t immediately clear whether Instagram would support NFTs from all four chains at launch.
The move will enable users to prove ownership of their NFTs, display them on their accounts, and tag the creators who developed them by plugging in their wallets. Besides, the move will also increase the cultural visibility of NFTs given Instagram has over one billion monthly active users; many of whom use the platform to promote and market their art.
Meta CEO Mark Zuckerberg had provided a general overview of the programme at SXSW in March without divulging much details. At the time, the tech mogul said that Instagram users will ‘hopefully’ get to mint their own NFTs on the app in the months to come. Meta is not the first to bring NFTs to its social media platform. Twitter had launched a new feature earlier this year in January. Twitter facilitated support for NFT profile pictures for its premium users