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

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 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.

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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.


NCFA Jan 2018 resize - Meta to Start Testing NFTs on Instagram (Facebook and Other Apps To Follow)The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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