Instagram has announced that certain creators and collectors of Non-fungible Token (NFT) will soon be able to display their collections on Instagram. Meta CEO Mark Zuckerberg confirmed the same in a post on Facebook. He also said that a similar function would be soon available to Facebook users as well.
In a video, Instagram head Adam Mosseri said that in the U.S. a small group of people will get the opportunity to display NFTs on their Instagram stories, feeds and in messages. A new section named ‘digital collectibles’ will be created and it will work in a similar fashion to tagged profiles and products, upon clicking the tag, the name of the creator and owner will appear.
As per Mosseri, this is a small test which will help them learn from the community. In the video, he talks about the tension between the decentralised ethos of Web3 and large companies like Instagram. This step is taken by the company to probably tackle the distrust among the community regarding a social networking platform getting into NFT space.
Initially, NFTs minted on Ethereum and Polygon blockchains will be supported along with Solana and Flow that will be coming soon. Mosseri emphasised the fact that supporting NFTs on Instagram can help in introducing technology to a wide range of people.