This is What an NFT Looks Like on Instagram
Instagram has started testing NFTs and the company today has shared what that will look like. The feature will connect to a digital wallet, allow users to share digital collectibles, and automatically tag the creator and collector.
Meta CEO Mark Zuckerberg and Instagram head Adam Mosseri both posted videos this week that explains how and why NFTs would be coming to the social media app. The company’s stated reason for integrating NFTs is to allow fans to support their favorite creators by purchasing digital collectibles.
Mosseri says that there are many ways that creators can make money, but that they tend to be rapidly changing and unpredictable. While true, he follows that with a rather confusing conclusion that NFTs, which have oscillated wildly in value, are a good answer to this problem.
“The creator economy is incredibly important to Instagram,” Mosseri says. “But one of the challenging things that we need to solve as an industry is how to help creators make a living doing what they love. Right now there are a number of different ways for creators to make money but a lot of them are unpredictable and changing rapidly. Now we think one really interesting opportunity for a subset of creators is NFTs.”
Meta additionally claims that creators can use NFTs to “take more control over their work.”
To that end, Meta says that it is testing digital collectibles with a “handful” of United States-based creators who will be able to share NFTs on Instagram that they have either created or purchased. The system includes three main points: the ability to connect to a digital wallet, the ability to share an NFT, and the automatic tagging of that content to the creator and collector.
Once a digital wallet is connected, creators and collectors will have the ability to choose which NFTs from tht awallet they would like to share on Instagram. Once it has been shared, Meta says that it will exhibit a “shimmer” effect that displays public information about the NFT. Finally, subject to a user’s privacy settings, the NFT will be automatically attributed to the creator and the collector.
Instagram will support Ethereum and Polygon blockchains at launch and plans to add Flow and Solana “soon.” The wallets that are supported include Rainbow, MetaMask, and Trust Wallet, and the company says that support for Coinbase, Dapper, and Phantom will follow. The company says that there will be no fees associated with posting or sharing an NFT on Instagram.
“By building support for NFTs, we aim to improve accessibility, lower barriers to entry, and help make the NFT space more inclusive to all communities,” Meta claims. “It is also important that we keep Instagram a safe and enjoyable place for everyone. Therefore, people can use our tools to keep their accounts secure and report digital collectibles which go against our community guidelines.”
Meta says that it understands NFTs are known to have major environmental repercussions and the company plans to help reduce emissions by purchasing renewable energy, an initiative it explains in greater detail on its website.
Image credits: Meta
