In a conversation with web3 entrepreneur Tom Bilyeu, Meta CEO Mark Zuckerberg revealed that Instagram has begun testing NFTs. One of Meta’s other platforms, Facebook, will soon adopt similar functionalities. Augmented reality NFTs will be brought to Instagram Stories via the firm’s Spark AR technology, allowing users to project digital art into physical spaces, Zuckerberg added.
Instagram Includes NFTs on its Platform
In a video post on Monday, Instagram head Adam Mosser confirmed that a selective group of US-based users will be able to use the NFT features on their feed, stories, and messages. NFT details, named “digital collectibles,” will be displayed similarly to tagged profiles and products. Users can click on them and access information regarding the creator and owner.
When promoting the new functionalities, the Instagram head also commented on the tension between large companies like Instagram and Web3 firms operating on the principle of decentralization.
“I want to acknowledge upfront that NFTs and blockchain technologies and Web3 more broadly are all about distributing trust, distributing power. But Instagram is fundamentally a centralized platform, so there’s a tension there.”
Instagram will let users share NFTs in their main feed as well as stories and in messages by linking third-party digital wallets, including Rainbow, MetaMask, and Trust Wallet – with Coinbase, Dapper, and Phanton available soon. Reportedly, NFTs built on major blockchains, such as Ethereum, Polygon, Solana, and Flow, could be displayed on Instagram for now since they account for the majority of the market.
The social media giant confirmed that users will not be charged fees for posting NFTs. Expectedly, the rollout of this new feature will speedily drive the mainstream adoption of NFTs and crypto wallets, as Instagram has more than a billion users around the world.
Zuckerberg Bullish on Web3
Though admitting that Web3 is still far from maturity, Zuckerberg stated that Web3 applications will reach such a state in five years. The CEO emphasized that introducing NFTs on Instagram is a step that other Meta-owned platforms will soon follow. The goal is to incentivize creators to secure a new form of expression.
In March, a report note by Deutsche Bank suggested that the deployment of NFT technology on Instagram has the potential to energize the entire market and make it mainstream because it would simplify the process of transacting with such assets and reduce the barriers to accessing them.