Instagram to begin testing NFT support this week with select creators

Initially Ethereum and Polygon blockchains are supported for NFTs with support for Flow and Solana planned to be added in the future.

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Instagram head Adam Mosseri in a video confirmed that the social media platform Instagram is going to begin testing non-fungible tokens (NFTs) with select creators and collectors in the United States this week.

Only a few users in the US will get the ability to share and view NFTs through posts, stories, and direct messages. The company will roll out more NFTs related features in the future based on the feedback it receives from this initial testing.

Mosseri said, “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.”

NFTs will have a “digital collectables” tag and clicking on this tag would show details like the name of creator and owner. Initially, Ethereum and Polygon blockchains are supported for NFTs with support for Flow and Solana planned to be added in the future. 

Similarly, the current compatible third-party wallets list includes Rainbow, MetaMask, and Trust Wallet while support for Coinbase, Dapper and Phantom will be added later on. 

Meta CEO Mark Zuckerberg in his announcement of Instagram’s NFT support also said that similar functionality will be coming to Facebook soon and it’s possible that other Meta apps may get NFT support as well. The company will work on the ability to share digital collectables as AR or 3D stickers on Instagram stories. 

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Abhinav Kumar

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Abhinav is an editor at OnlyTech. He is a tech enthusiast who loves to read and write about new things. He spends most of his time tinkering with smartphones or computers when not writing about tech.
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s ssparikshya Apr 12, 2012 #1

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Facebook world's no.1 Social networking site buys a Instagram photo app for $1 Billion.

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What Is Instagram?
Instagram where users take pictures with smartphones, edit and retouch them with borders and filters, and then post the images on social networks. Instagram Founded in 2010, it has become the most popular free photo-sharing application on Apple Inc.

Where Instagram, owned by San Francisco-based Burbn Inc., was valued at $500 million after raising about $60 million.

Zuckerberg’s full announcement is show as below and in their Facebook Profile Post:

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i iS THAT ME May 11, 2012 #2
FTC investigating Facebook-Instagram deal'​

The US Federal Trade Commission has reached out to Google and Twitter in an investigation into Facebook's $1 billion acquisition of photo-sharing service Instagram, a source familiar with the probe told Reuters.

It was not immediately clear what specific information the FTC was looking for, the source said. The Commission automatically initiates a review of any acquisition of significant size.

The acquisition of the top photo-sharing service on the internet is a crucial part of Facebook's strategy to bolster its mobile offerings, at a time when consumers are increasingly accessing the internet through smartphones.

Facebook had said it hopes to complete the deal -- the largest in Facebook's history -- in the second quarter, but some observers think that may be an ambitious target, given the size of the deal and Facebook's status as the world's No.1 internet social network with roughly 900 million users.

The FTC's review of the deal comes as Facebook is preparing to raise as much as $12 billion in a record-breaking initial public offering that could occur as soon as next week.

Some investors have cited Facebook's limited advertising revenue from the mobile versions of its service as a potential concern with regards to the company's long-term growth potential.

Facebook and Twitter declined to comment. Google was not immediately available for comment.

-Times Of India

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