NFT: eBay to launch its first non-fungible token collection in collaboration with OneOf NFT platform
NFT: Meta’s Instagram adds NFT feature, trial begins this week
Meta’s Instagram will be adding a feature to support non-fungible tokens or NFTs from Ethereum, Solana, Polygon, and Flow. For this new function, the social media platform will not be charging users for displaying their digital art or assets.
The NFTs are some of the most popular virtual assets in the blockchain network, and Instagram will be allowing users to display the NFTs they own that are housed in the mentioned cryptocurrency platforms. Instagram announced that the crypto art is coming on its site as the pilot is starting this week.
As per CoinDesk, the trial will be available to a small group of NFT enthusiasts that are based in the United States. But then again, it was not mentioned if the pilot will support all of the four crypto platforms at once or if it will feature just one or two.
Based on the report, Instagram is planning to support the most widely used crypto wallets today, such as the MetaMask. For the NFT integration, it is confirmed that it will be supporting Ethereum, Polygon, Solana, and Flow. These four networks hold the vast majority of trading in digital collectibles, and in fact, Ethereum has its Bored Apes Yacht Club tokens, which are leading in the field in terms of market cap.
BeinCrypto reported that the trial of NFT integration on Instagram comes nearly two months after Meta’s owner, Mark Zuckerberg, first announced that it's IG social media platform is adding NFTs. The billionaire made the announcement during a Southwest conference in Austin, Texas.
The publication stated that having the MetaMask crypto wallet on Instagram is necessary since users need to link their digital wallets to the platform before they can put their NFT assets on display via their profile. This will also serve as proof of ownership for the crypto collectibles.
Moreover, the integration of crypto support is expected to help boost the adoption of non-fungible tokens as it will further increase the number of people who will have access to NFTs. At this time, only Twitter is the social media site that has fully integrated NFTs.
Meanwhile, aside from the NFTs, there are speculations that Instagram is also planning to add a function that will allow minting and group membership on Meta’s Facebook some time this year. There are also rumors that Zuckerberg is releasing his company’s own virtual currency called Zuck Bucks.