The social media powerhouse owned by Meta is on its toes for the integration of Non-Fungible Tokens (NFTs) from some popular blockchain networks, namely; Polygon, Solana, Ethereum, and Flow into Instagram, a pilot to be announced on Monday.
The soon-to-be-announced pilot will include a small group of NFT aficionados based in the US, although it has not been clear whether Instagram would support NFTs from all four networks at launch.
Instagram plans to support widely used cryptocurrency wallets like Metamask. Plugging in their wallets, users will now be able to prove NFT ownership, display them on their profiles, and tag their makers.
A confirmation from CoinDesk says Instagram will not charge users for sharing and posting NFTs, as opposed to what Twitter did for its hexagonal NFT profile pictures earlier this year.
This new development may likely spell a rush of new cultural visibility for NFTs. Instagram has over 1 billion monthly active users, and many use the platform for the promotion of market and art; the CEO of Meta, Mark Zuckerberg, made fun of the initiative last month without disclosing significant details about it.
In a report by the Financial Times, Meta would follow up its NFT pilot on Instagram with minting and group membership options on Facebook. An email to Meta seeking comment wasn’t responded to immediately.
Polygon, Solana, Ethereum, and Flow host the vast majority of trading in digital collectibles, with Ethereum and its Bored Apes leading the way by market cap.
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