Instagram to allow posting of its NFTs on feed, story for free
Instagram will begin testing the implementation of non-fungible tokens (NFTs) on feeds with some artists allowed to share the digital collectibles on the social media platform with no associated fees for posting to help support creators in the digital space.
One of Instagram's challenges is supporting these producers so that they can make a living from their work. The platform can add elements that help digital artists promote their work, given the increase of NFTs and the nature of the product.
NFT owners and creators will be able to share their assets via their feed, story, or message. Only NFTs created on the Ethereum and Polygon blockchains are currently supported, but Flow and Solana are scheduled to be added soon.
Only a small number of American innovators will be eligible to participate in the project's initial testing.
On Twitter, Instagram CEO Adam Mosseri admitted that it is a centralized platform with a decentralized function. The revenues go to the NFT creator and the NFT issuance platform from a commercial standpoint. It's unclear whether Instagram will serve as the issuance platform or will accept NFTs issued elsewhere.
Meanwhile, since January, Twitter has accepted profile images as NFTs, while YouTube is looking into how it can implement NFTs for creators on its platform.