Meta’s Instagram will start supporting NFTs from some of Web3’s most successful blockchain networks like Solana, Ethereum, Polygon, and Flow.
One of the most popular photo- and video-sharing websites, Instagram, claims it may start supporting NFTs from different networks such as Flow, Ethereum, Polygon, and Solana. A pilot launch is said to begin on Monday.
The abovementioned blockchain networks are some of the most popular since most digital collectible transactions happen on those networks. Ethereum, in particular, tops the list in market capitalization, all thanks to the sales of Bored Ape Yacht Club (BAYC) NFTs.
Pilot Launch Is Set
For the pilot launch set for Monday, only a limited group of NFT enthusiasts from the United States will be invited to participate. There is no specific word yet on whether the launch will support NFTs from all four networks.
It is said that Instagram intends to support widely-used cryptocurrency wallets like MetaMask. Users will need to plug in their wallets since doing so will prove NFT ownership. It will likewise allow users to display their NFTs on their profiles and ultimately tag the creators of the NFTs.
According to reports, Instagram will not be charging users for posting and sharing NFTs on their profiles. It will be remembered that back in January, Twitter charged users about $3 per month to unlock the hexagonal NFT profile pictures.
Spelling Something Different for NFTs
Presently, Instagram has over one billion active monthly users. Most of these users use the platform to promote and market their art. Hence, Instagram’s decision to support NFTs from the four networks spells a wave of new cultural visibility for NFTs.
While talking to businessman Daymond John at the South by Southwest (SXSW) conference in March, Meta CEO Mark Zuckerberg said they were working to “bring NFTs to Instagram in the near term” without giving out many details. Two months after that revelation, it looks like the near term Zuckerberg was saying led to Monday’s pilot launch.
Back in January, a report by the Financial Times said Facebook and Instagram were toying with the idea of letting their users mint and trade NFTs directly on the platforms. The report likewise stated that adding NFT profile images and group membership options on Facebook were being considered.
With this integration, NFT adoption is expected to improve by leaps and bounds, considering the technology will be more accessible to an increasing number of people. Currently, Twitter is the only social media platform that has fully incorporated NFTs into its system.
In related news, Meta has unveiled other projects on its agenda. For instance, it is launching the Meta Store, its first physical retail space, at Meta’s Burlingame, California campus.
The company may have also started developing its virtual currency, the “Zuck Bucks.” It will be remembered that they divulged this plan last month as part of its efforts to launch different virtual products to diversify its earnings and rejuvenate its user base.
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