Meta to Start Testing NFTs on Instagram (Facebook and Other Apps To Follow)

May 9, 2022 Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Metaverse, NFTs, Enterprise, FinTech and Alternative Finance, Fintech International, Fintech Services, Innovation and Resources, Voices, Web3, Decentralization, DAOs No comments

Go Banking Rates | May 9, 2022

Meta rolls out NFTs to instagram - Meta to Start Testing NFTs on Instagram (Facebook and Other Apps To Follow) Adam Mosseri, head of Instagram, tweeted that the company [Meta] will begin to test digital collectibles this week “with a handful of U.S. creators and collectors who will be able to share NFTs on Instagram.” He added that “there will be no fees associated with posting or sharing a digital collectible on IG.”

NFTs on Instagram 🎉

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

— Adam Mosseri (@mosseri) May 9, 2022

NFTs on Instagram will have a unique “shimmer” effect to differentiate them from traditional images and photos, and will be attributed to both the collector and the original creator, according to Decrypt. In addition, Instagram will add support for NFTs on blockchains including Ethereum, Solana, Flow and Polygon.

See: CB Insights: Metaverse stack and companies making it a reality

Some experts, however, voiced their dissatisfaction with Meta’s foray into NFTs. Hugo Feiler, CEO and co-founder at blockchain network Minima, told GOBankingRates:

While NFTs are decentralized and have the associated benefits of being tamper-proof and accessible, it seems that this approach by Meta to integrate NFTs on various platforms is another sign of them not truly understanding the purpose of the underlying technology. Blockchain wasn’t meant to be leveraged by a few powerful parties to increase stickiness of their platforms and therefore ad revenue. It’s a technology that, when used right, empowers individuals, from artists to art lovers and anything in-between.

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Mark Zuckerberg | May 9, 2022

[Zuckerberg] enjoyed talking to Tom Bilyeu about NFTs, web3 and the metaverse. This week we're starting to test digital collectibles on Instagram so creators and collectors can display their NFTs on their profile. 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.

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