Instagram to Start Testing NFTs with Select Creators This Week
Instagram's CEO, Adam Mosseri, stated yesterday that the site will begin testing NFTs with a few select creators in the US this week.
This week, Instagram will launch an NFT trial program in the United States. The Meta-owned social networking platform will let a few hand-picked American NFT collectors validate and showcase their favorite digital collectibles, according to Instagram's head Adam Mosseri.
There will be no expenses related to uploading or sharing a digital collectible on Instagram, according to Mosseri. Ethereum and Polygon are now the currently supported blockchains for displaying NFTs on Instagram, with support for Flow and Solana coming shortly. Rainbow, MetaMask, and Trust Wallet are among the third-party wallets that will be compatible upon launch, with Coinbase, Dapper, and Phantom to follow soon.
Creators and participants in the test can now share NFTs that they have developed or purchased. These NFTs can be shared in your main Instagram feed, stories, or messaging. Only a small number of users have access to the Instagram test, according to Mosseri, but the business aims to roll out more NFT-related features in the future if it receives feedback from its initial testing.
“I want to acknowledge upfront that NFTs and blockchain technologies are all about distributing trust and distributing power,” said Mosseri. “But Instagram is fundamentally a centralized platform, so there’s a tension there. So one of the reasons why we’re starting small is we want to make sure that we can learn from the community. We want to make sure that we work out how to embrace those tenets of distributed trust and distributed power, despite the fact that we are, yes, a centralized platform.”