Mark Zuckerberg has recently announced that Instagram will be testing NFTs this week. Plans to launch an Instagram NFT Marketplace have been in motion since March 2022, and speculations have been in progress to make this happen. This means that digital collectibles will be coming to Instagram soon. This week will be dedicated to the process of testing digital collectibles so that users can create and collect NFTs to display on their profiles.
Launch on Instagram
“Similar functionality is coming to Facebook soon, along with augmented reality NFTs on Instagram Stories via Spark AR so you can place digital art into physical spaces,” Zuckerberg reported.
Instagram users will be able to list and display their NFTs on their profiles, thus Meta is still trying to make this possible across most social media networks and the metaverse. A representative from Meta reported that Instagram will not be associated with any fees, thus zero fees for posting and sharing collectibles on the platform. Third-part digital wallets will be used with the platform. These include Dapper, Trust Wallet, MetaMask, etc. Currently, the launch only supports Polygon and Ethereum blockchains.
However, NFTs displayed on the platform receive an extra benefit of a shimmer visual treatment that will be attributed to both the owner and creator. Adam Mosseri (head of Instagram) reported that soon most US users will be able to display their NFTs on their Instagram profiles, a news feed, stories, etc. These NFTs will be displayed the same way as on any other NFT Marketplaces. The details of the NFT will be tagged to the respective profiles and clicking on the tag will show all the details of the NFTs, thus the owner and creator of the NFT.
Adam Mosseri said, “I want to acknowledge upfront that NFTs and blockchain technologies and Web3 more broadly are all about distributing trust, distributing power, however, Instagram is a decentralized platform with a lot of tension.”
Mosseri believes that the launch and introduction of NFTs on the Instagram account will enable the digital news of these tokens to reach more people. Unlike Twitter, which allows users to post NFTs only on their profiles, the Instagram marketplace will involve the full integration of the NFT technology. However, the Instagram launch has come at a time when sales of non-fungible tokens have fallen by 92% ever since September last year (thus a 92% fall from 225, 000 to 19, 000).
Metaverse and the Future
The metaverse is continuously evolving and in the future people will be able to buy and share digital goods freely while sharing memorable experiences, thus NFTs are a key element in making this a reality. NFTs are the first steppingstone for the Metaverse to further develop Web3 technology. This is because the business world believes that the NFT technology has the potential of pushing people and creators to be innovative. Digital experts are foreseeing trillions of annual revenues being made on the metaverse and NFTs playing a vital role in monetizing the markets.