On May 10, the social platform Instagram officially announced its entry into the NFT field, and some creators and collectors in the United States will be allowed to test NFT-related functions.
The company released an official announcement to introduce the feature. Test users can link third-party cryptocurrency wallets on Instagram and showcase their NFTs. Once the NFT is recognized by Inistagram, it will be given a “flickering” special effect, and there will also be a related detailed introduction page. NFT holders and creators can choose whether to publicly attribution.
Currently supported blockchain networks include Ethereum and Polygon, Flow and Solana. More third-party wallets and blockchain networks will be added to the mix, Instagram said.
Instagram emphasized that there are currently no fees for sharing digital collectibles on its platform. However, because it is a beta version, it does not support users to directly link Opensea accounts (the world’s largest NFT trading platform), nor does it support NFT trading functions.
From the introduction of Instagram, the core function of its test seems to be to display NFT rather than create NFT. The difference lies in whether the native social content on Instagram can be directly made into NFT. In this regard, Instagram did not disclose more information.
But Facebook, another social product of Meta, is preparing to follow up on this feature, and is trying to combine the NFT function with the AR/VR technology they are pushing.
Back in March, Mark Zuckerberg, CEO of Instagram’s parent company Meta, said that Instagram was ready to launch the feature. In May, the feature finally began official testing, and Twitter launched a similar feature as early as January.
Instagram says it will soon allow people to show and share their NFTs as AR stickers in Instagram Stories.
Instagram hopes that this feature can empower more artists, and has purchased more carbon credits for the launch of this feature, but its deeper goal is obviously to build Meta’s imaginary “metaverse” vision, NFT will become one of the rings.