Instagram tests NFTs as Facebook prepares to follow suit soon, states Zuckerberg
Meta chief Mark Zuckerberg stated 3D NFTs will be introduced to Instagram in the future. It will be possible to view NFTs in a physical space.
In a discussion with web3 entrepreneur Tom Bilyeu, Meta CEO Mark Zuckerberg disclosed that Instagram has started testing NFTs. One of Meta’s other platforms, Facebook, will soon adopt identical functionalities. Augmented reality NFTs will be obtained to Instagram Stories via the firm’s Spark AR technology, letting users project digital art into physical spaces, Zuckerberg added.
Instagram Includes NFTs on its Platform
In a video on Monday, Instagram head Adam Mosser verified that a selective group of US-based users will be able to use the NFT features on their stories, feeds, and messages. NFT details, named “digital collectibles,” will be shown similarly to tagged profiles and products. Users can click on them and access data regarding the creator and owner.
When announcing the new functionalities, the Instagram head also remarked on the tension between big companies like Instagram and Web3 firms working on the principle of decentralization.
Instagram will let users share NFTs in their stories as well as in their ain feeds and in messages by linking third-party digital wallets, including MetaMask, Rainbow, and Trust Wallet – with Coinbase, Dapper, and Phanton available soon. Reportedly, NFTs created on major blockchains, such as Ethereum, Polygon, Solana, and Flow could be revealed on Instagram for now since they account for the majority of the market.
The social media goliath confirmed that users will not be charged fees for posting NFTs. Expectedly, the rollout of this latest feature will speedily push the mainstream adoption of NFTs and crypto wallets, as Instagram has more than a billion users around the globe.
Zuckerberg Bullish on Web3
Though acknowledging that Web3 is yet far from maturity, Zuckerberg said that Web3 applications will attain such a state in five years. The CEO stressed that introducing NFTs on Instagram is a measure that other Meta-owned platforms will soon follow. The objective is to incentivize creators to ensure a new form of expression.
In March, a report note by Deutsche Bank indicated that the deployment of NFT technology on Instagram has the possibility to energize the whole market and make it mainstream because it would facilitate the process of transacting with such assets and lower the barriers to accessing them.