Instagram to support NFT on Etherium, Polygon, Solana and Flow
Instagram is about to launch support for NFTs after announcing a pilot scheme. This would be a huge step towards NFT space and open up the economy in a way that is unimaginable.
Today, Mark Zuckerberg, Meter CEO, confirmed NFT support in a video following rumors in recent days.
NFT integration on Instagram will allow billions of users to join the space
Instagram NFT compatibility will allow Ethereum, Polygon, Solana and Flow NFTs to use new features. The platform has more than 1.1 billion active monthly users and so far, there are very few ways for NFT to access the platform.
At first, Twitter charged people to display their NFTs in a hexagonal profile picture. However, there is no charge after the negative feedback and anyone can use the service.
In the video, Mark Zuckerberg talks to Tom Blue about NFTs and the broader metavers, and says, “We’re starting to build NFTs not only in our metavers and reality labs, but across our apps family.” He added, “We’re going to bring a similar functionality to Facebook soon.”
Meta also confirmed that they are working on a number of ways to launch NFT on Instagram. One way is through three-dimensional, augmented-reality NFT. They will work to adapt to the Instagram story using Spark AR software.
Significantly, after the NFT, Instagram is also considering cryptocurrency wallet integration. It is learned that this will include popular wallets like Metamask, Rainbow, Trust Wallet and others.
Meta is expanding its reach in NFT space
Traditionally, Twitter has been the best way to discover NFT, build community and explore new art on social media. In fact, one might argue that in order to create a truly successful NFT project, you must have Twitter support. What’s more, many artist communities, such as the NFT photography community, use Twitter to follow each other and build their networks.
Now, with Instagram entering the market, that could all change. Basically, Instagram is an image sharing platform, so it makes sense for them to have an NFT economy. In the years to come, this move by Meter could become a turning point in NFT culture and widespread adoption.
Significantly, and perhaps taking notes from Twitter and their NFT integration, Instagram will not charge users extra for the new feature.
The Instagram announcement confirms that (Meta) Facebook will soon have NFT in one way or another. This will give Meta another way to dominate space. In October last year, Mark Zuckerberg announced plans to change the name and enter the Metavers space from Facebook.
Since then, MetaSpace has taken active steps that some have welcomed and others have taken issue with. The latest news of the adoption of Instagram NFT confirms that despite opposition and financial losses, the impact of the meter will only continue to grow in the Web3 world.
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