NFT creators and collectors will be able to start displaying verified NFT collectibles on Instagram starting next week. Per Meta, Facebook will also allow you to display verified NFT collectibles on Facebook.
Meta today announced that it will start rolling out NFTs support on Instagram, following Mark Zuckerberg’s tease. Support for Facebook is also on the horizon.
NFT creators and collectors will be able to link their crypto wallets on Instagram. The feature will launch this week in the United States. It will not reach all users at once. The feature will initially support NFTs that are minted on Ethereum or Polygon. This latter is a sidechain scaling solution to Ethereum.
Instagram will soon add support for NFTs issued on Flow and Solana, which are two popular networks for collecting collectibles. At launch, MetaMask and Rainbow are supported wallets. Other popular networks for collectibles, such as Coinbase Wallet and Dapper Wallet will be added in the future.
An NFT is a receipt with a blockchain backing that proves ownership of an item. It is used to trade digital goods like artwork, profile photos, sports collectibles and interactive video games. The market reached $25 billion in trading volume by 2021.
Meta says that NFT images will appear on Instagram with a “shimmer effect” which visually sets them apart. They will also be attributed to the collector as well as the original creator. The NFT feature is free and there are no fees.
According to a Facebook representative, Facebook will also add NFT support “soon.” Additionally, the firm will allow users to use NFTs in augmented reality stickers (AR) on Instagram. Meta is working with Jen Stark and Gary Vaynerchuk, as well as projects like Adam Bomb Squad or Boss Beauties, to launch its NFT initiative.
Meta’s move is similar to that of Twitter, which introduced the option for selected users to display NFT profiles pictures in January. It is only available to premium Twitter Blue subscribers and supports Ethereum NFTs.
Although Twitter’s new feature was lauded as a boon to mainstream acceptance of NFTs, and launched in a hot market, it was that was also widely criticized by some. It wasn’t just NFT critics who were concerned about crypto scams and the environment. Some NFT supporters also complained about the requirement to pay a subscription fee in order to verify their NFT profile pictures.
Meta’s actions are part of a larger push towards the Metaverse for company. This was fully disclosed last October when Facebook changed its name. The metaverse is a future vision for the internet where users can interact in 3D spaces with avatars and support for virtual reality hardware.
It’s unclear if Meta will accept an open ecosystem that uses NFTs to interoperable assets and items that can be transferred between metaverse platforms. Facebook’s October presentation demonstrated NFTs being used for digital concert merchandise. However, crypto builders remain skeptical about the firm’s approach Web3.
Zuckerberg discussed the potential of supporting interoperable NFT assets in an Impact Theory podcast interview that was posted today.
According to Meta, Zuckerberg said, “I believe in a lot if experiences, especially social ones, where people get together and want to express themselves,” according to quotes.
He said, “I think that if it’s made easy to make it interoperable, then there will be a lot developers who choose that to be true, even if they don’t all do.” “I think that’s going be quite powerful.”