Non-fungible tokens (NFTs) from some of the most prominent blockchain networks for the cryptocurrency art are coming to Instagram, with a pilot announced on Monday.
Meta-owned social media powerhouse is looking at NFT integration for Ethereum, Polygon, Solana and Flow.
Most digital collectible transactions take place on networks in which Ethereum and its bored apps top the market capitalization.
A limited group of NXT fans from the US will participate in the pilot. However, whether NFTs of all four series will be supported at launch is still unknown.
According to CoinDesk, Instagram will not charge users for posting and sharing NFTs, as Twitter did for its hexagonal NFT profile images in January. Instagram intends to support popular cryptocurrency wallets such as MetaMask.
By plugging in their wallet, users will be able to prove NFT ownership, show them on their accounts, and tag the artists who created them.
The pilot comes nearly two months after Facebook founder Mark Zuckerberg revealed that Instagram would support NFTs.
In March, during the South by Southwest (SXSW) conference in Austin, Texas, Zuckerberg said that Instagram would bring NFT to the stage while talking to businessman Daymond John. However, he did not give any specific information then.
According to a report in the Financial Times in January, Facebook and Instagram were reportedly considering allowing users to create and trade NFTs directly on the platform and add NFT profile images.
This integration is expected to improve NFT adoption by increasing the number of people accessing the technology. Twitter is now the only social media network with a fully integrated NFT.
Recently, Meta also unveiled other plans, including the launch of its first physical retail location, the Meta Store. It will open today at META’s Burlingame, California campus.
Meta said last month that it planned to develop its own virtual currency, which the team dubbed “Juke Bucks,” to diversify its earnings and revitalize its user base by launching various virtual products. under your plan.