Instagram to launch integration for NFTs built on Ethereum, Solana, Polygon, and Flow

What 

Instagram plans to support non-fungible tokens (NFTs) on its platform from four different blockchains, CoinDesk reported this weekend

Why 

Instagram has more than one billion users, many of whom use the photo and video-sharing platform to promote their art. Instagram revealed its plans for NFT integration on Instagram in March of this year

What next 

The pilot will be launched in the United States amongst a small group of NFT enthusiasts. Meta aims to provide NFT minting capabilities over time

The story 

Meta’s Instagram plans to support non-fungible tokens (NFTs), that have been built on four different blockchains — Ethereum, Polygon, Solana, and Flow. Mark Zuckerberg, CEO of Meta, revealed the plans for Instagram’s NFT integration earlier in March this year.

The pilot for this project will be launched among a small group of NFT enthusiasts based in the United States, and may not utilise all four blockchains initially. Instagram plans to support the use of MetaMask and other cryptocurrency wallets.

In doing so, Instagram will become the second social media platform to integrate NFTs this year. Twitter launched hexagonal NFT profile pictures in January, at a price. However, CoinDesk has confirmed that Instagram will allow users to post and share their NFTs free of charge.

Instagram has more than one billion active users, many of whom use the photo and video sharing platform to promote their art. Meta aims to tap into this market and provide NFT minting capabilities over time. While Ethereum remains the top choice for NFT creators, Solana ranks second in NFT sales, according to CryptoSlam.  

In addition, the integration of NFTs on social media platforms may further mainstream adoption. Using the reputable name and brand recognition of Instagram may “legitimise NFTs, which could serve to erode buying hesitancy across the company’s broader audience,” according to Deutsche Bank. 

To learn more about NFTs and blockchain technology visit our learning resource here.

Did you find this useful?
21
4