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 on Instagram 🎉— Adam Mosseri (@mosseri) May 9, 2022
This week we’re beginning to test digital collectibles with a handful of US creators and collectors who will be able to share NFTs on Instagram. There will be no fees associated with posting or sharing a digital collectible on IG.
See you next week! ✌🏼 pic.twitter.com/VuJbMVSBDr
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.