A group of non-fungible token creators and collectors are soon going to display their tokens on Instagram. The CEO of Instagram Mark Zuckerberg confirmed in his recent post that the company is testing non-fungible tokens on the platform with similar functionality coming soon to Facebook. Head of Instagram Adam Mosseri said in a video today that a small group of US users will have the ability to display the token on their stories, feed, and also in messages. NFT details are displayed in a similar way to all the tagged profiles and products also and are named “Digital collectibles”. By just clicking on the tag the details will display just like the name of the creator and the owner of the token. Instagram will test NFTs this week soon.
This week is the beginning of the testing. Once the testing is done the feature will be first available to some users then it will be public. The testing is happening with some US creators and collectors. There is no associated fee with posting or sharing a digital collectible on IG. Mosseri said that the test is small to give the feature a start so that instagram can learn from the community how to use the feature.
Instagram Will Test NFTs
In an attempt to tackle distrust of a major social networking platform jumping into NFTs. It brings up a tension between large companies like Instagram and the decentralized ethos of Web3. Mosseri says that NFTs and blockchain technologies and Web3 are all about distributing trust and power. And Instagram is a centralized platform so there is a tension there. NFTs minted on the Ethereum and polygon blockchains will get support initially. Mosseri also emphasized that support for NFTs on Instagram can also help us to introduce the technology to a broader range of people. In January Twitter also introduced NFTs on the platform as hexagon-shaped profile pictures. An hexagon in the corner of his instagram posts is the icon of hexagon.
Companies and celebrities have been very quick to jump on NFTs and some of the recent sales have also produced temporary activity spikes said by a report by The Wall Street Journal. After Twitter, Instagram is out with the NFT feature. Let’s see if users like it or not.