Instagram is about to launch support for NFTs after announcing a pilot scheme. This is a massive step forward for the NFT space and will open up the economy in ways not imaginable.
Today, Mark Zuckerberg, CEO of Meta, confirmed the NFT support in a video, following the rumours in recent days.
NFT integration on Instagram will allow billions of users to join the space
Instagram NFT compatibility will allow Ethereum, Polygon, Solana and Flow NFTs to use the new feature. The platform has over 1.1 billion active monthly users, and until now, there has been little way for NFTs to penetrate the platform.
At first, Twitter charged people to display their NFTs in a hexagonal profile picture. However, there is no longer a charge after negative feedback, and anyone is free to use the service.
In the video, speaking to Tom Bilyeu about NFTs and the wider Metaverse, Mark Zuckerberg said, “We’re starting building for NFTs not just in our metaverse, and Reality Labs work, but also across our family of apps.” He added, “We’re going to bring similar functionality to Facebook soon.”
Meta has also confirmed that they are working on numerous ways to introduce NFTs into Instagram. One way is through three-dimensional, augmented-reality NFTs. They will use Spark AR software to work on making them compatible with Instagram stories.
Notably, after NFTs, Instagram is also thinking about cryptocurrency wallet integration. Reportedly, this will include popular wallets such as MetaMask, Rainbow, TrustWallet and others.
Meta is expanding its reach in the NFT space
Traditionally, Twitter has been the best way to find NFTs, build community and explore new art on social media. In fact, one could argue that to create a genuinely successful NFT project, you must gain Twitter support. What’s more, many artist communities, such as the NFT photography community, use Twitter to follow each other and build their networks.
Now, with Instagram entering the market, that could all change. Essentially, Instagram is an image-sharing platform, so it makes sense for them to have an NFT economy. In years to come, this move by Meta might become a turning point in NFT culture and mass adoption.
Significantly, and perhaps taking note from Twitter and their NFT integration, Instagram will not charge users extra for the new feature.
The Instagram announcement also confirms that Facebook (Meta) will soon have NFTs in some way or another. This will provide another way for Meta to dominate the space. In October last year, Mark Zuckerberg announced the name change from Facebook to Meta and the plans to enter the Metaverse space.
Since then, Meta has made active moves in the space that some have welcomed and others have taken issue with. The latest news about Instagram adopting NFTs confirms that Meta’s influence will only continue to grow in the Web3 world despite opposition and financial losses.