- Starting this week on Instagram, Meta will be testing Digital Collectibles with a select group of US creators and collectors, asking them to share NFTs they’ve created or purchased.
- Connecting a digital wallet, sharing digital collectibles, and automatically tagging the creator and collector are all-new integrated features.
- There are no fees for posting or sharing a digital collectible on Instagram.
Mosseri stated that the testing will go small at first so that Instagram can learn from the community. This may bring out tension between giant firms like Instagram and the decentralized spirit of Web3 in an attempt to combat suspicion of a major social networking platform entering NFTs and the Digital Collectibles era.
“I want to say right now that NFTs, blockchain technologies, and Web3, in general, are all about spreading trust and power,” Mosseri explains. “However, Instagram is primarily a centralized platform, so there is friction.”
Digital Collectibles
According to Meta spokesperson, Christine Pai, NFTs created on the Ethereum and Polygon blockchains will be supported initially, with Solana and Flow coming soon.
Mosseri notes that Instagram’s support for NFTs might help bring the technology to a bigger audience. Instagram isn’t the first site to do so: Twitter released NFTs as hexagon-shaped profile images in January. A hexagon appears as a symbol in the corner of NFT Instagram postings. Despite the fact that firms and celebrities have been quick to hop on NFTs, and certain recent transactions have resulted in transitory activity spikes, The Wall Street Journal reported this week that sales have flatlined since a peak last September.
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