Meta Owned Instagram Likely to Support NFTs on the Platform Soon

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Meta Owned Instagram Likely to Support NFTs on the Platform Soon

  • Plugging in their wallets will allow users to verify ownership of NFTs.
  • NFTs will very probably gain new cultural clout due to the decision.

There are plans to integrate non-fungible token (NFT) systems like Ethereum , Polygon, Solana , and Flow into the social media behemoth of Meta. Digital collectibles transactions rely heavily on these networks, with Ethereum and its Bored Apes leading the race in market value. The pilot’s participants will be a select group of NFT fans from the United States. Whether Instagram will support NFTs from all four chains when it debuts is still up.

Plugging in their wallets will allow users to verify ownership of NFTs, show them on their profiles, and tag the artists who made them. Twitter (NYSE: TWTR ) charged users to use its hexagonal NFT profile photos in January, but Instagram will not do the same.

Formal Statement to Follow Soon

NFTs will very probably gain new cultural clout due to the decision. More than one billion people use Instagram every month to advertise and sell their businesses. Yet, when Mark Zuckerberg announced the project in March, he didn’t reveal anything.

NFTs issued on Ethereum, Polygon, Solana, and Flow will be shown for free on the popular photo-sharing app. As of this writing, Instagram’s parent company, Meta, has yet to make a formal statement about its plans, although a rumor claims that the internet giant might do so next week.

For the first time, Instagram has branched out into non-financial transactions. Instagram CEO Adam Mosseri claimed in December that the social media network was “actively exploring NFTs,” but he didn’t share any additional plans for the service. In December, Facebook’s previous head of blockchain, David Marcus, announced that he was resigning from the firm. Stephane Kasriel, the previous CEO of Upwork, took over as acting CEO.

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