Instagram launched NFTs (“Non Fungible Tokens” or non-fungible tokens), these digital titles of ownership, issued on a blockchain and associated with a digital asset. As reported by BFMTV on Monday May 9, the boss of the social network, Adam Mosseri, announced on Twitter that starting this week, “a few American creators and collectors will be able to share NFTs on Instagram”. They can do this in their feed, in their stories or in their message. Mark Zuckerberg, the boss of the Meta group, parent company of Instagram and Facebook, already announced in March that NFTs will be introduced to Instagram “in the short term”. It’s over now.
Instagram NFTs 🎉
This week we started testing digital collectibles with some creators and collectors in the US to be able to share NFTs on Instagram. There are no fees associated with posting or sharing a digital collectible on IG.
See you next week! ✌🏼 pic.twitter.com/VuJbMVSBDr
– Adam Mosseri (@mosseri) May 9, 2022
Currently, only a small community can access this new feature. Then it will be opened in a “wider” way, assured Adam Mosseri. “The creator economy is very important on Instagram,” he explained. This is why the sharing of NFT will be tested first by the people concerned to “learn from the community”, justified the boss of Instagram. According to CoinDesk media, on Sunday May 8, Instagram will be able to support NFTs from four blockchains: Ethereum, Polygon, Solana and Flow, it is not yet known if the new feature launched this week will – think of them all.
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A free feature
As BFMTV reminds us, NFTs are used more in art, in the luxury sector or for collectible cards in sports, but social networks are gradually starting. Since January, Twitter has allowed its users to put their NFT on their profile picture. But the feature is paid, which doesn’t necessarily happen on Instagram. “There is no charge associated with posting or sharing an NFT on Instagram,” confirmed Adam Mosseri.
While in 2021 the NFT market will explode, it will lose momentum this year, explained BFMTV on April 12. Their use of Instagram, with more than a billion monthly active users, may increase the number of transactions. This is also the first concrete action of the Meta group in the cryptocurrency sector. Mark Zuckerberg actually had to stop creating his own cryptocurrency in the face of pressure from regulators, recalls BFMTV. The group now focuses on the metaverse.