Instagram head Adam Mosseri announced that the platform will begin testing NFTs with select creators and collectors in the United States this week. Creators and people who are part of the test can now share NFTs that they have made or that they’ve bought, either in Feed or in Stories or in messaging.
Mosseri said there will be no fees associated with posting or sharing a digital collectible on Instagram.
NFTs on Instagram 🎉— Adam Mosseri (@mosseri) May 9, 2022
This week we’re beginning to test digital collectibles with a handful of US creators and collectors who will be able to share NFTs on Instagram. There will be no fees associated with posting or sharing a digital collectible on IG.
See you next week! ✌🏼 pic.twitter.com/VuJbMVSBDr
Supported blockchains at launch for displaying NFTs on the platform are Ethereum and Polygon, with Flow and Solana coming soon. Third party wallets available at launch are Rainbow, MetaMask, and Trust Wallet. Coinbase, Dapper, and Phantom are coming soon.
“I want to acknowledge upfront that NFTs and blockchain technologies are all about distributing trust and distributing power,” Mosseri said in his announcement. “But Instagram is fundamentally a centralized platform, so there’s a tension there. So one of the reasons why we’re starting small is we want to make sure that we can learn from the community. We want to make sure that we work out how to embrace those tenets of distributed trust and distributed power, despite the fact that we are, yes, a centralized platform. We do think that one of the unique opportunities we have to to make web3 technology accessible to a much broader range of people. And NFTs specifically we think will be interesting not only to creators who create NFT art, but also to people who want to collect it.”
Mark Zuckerberg said 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”.