Meta CEO Mark Zuckerberg has announced that the company will be testing digital collectables or non-fungible tokens (NFTs) on Instagram starting this week. Meta has decided to introduce these digital assets on its social media platforms as the global NFT market sees a downturn. Zuckerberg has also confirmed that the tech giant will start testing NFTs with Instagram and will soon add “similar functionality” on the company’s other service — Facebook.
The company’s CEO has also announced that augmented reality NFTs will be available on Instagram Stories via Spark AR so that users “can place digital art into physical spaces.” Earlier, there were reports about the company planning to reduce the money it gives to news organisations.
Availability of NFTs on Instagram
Instagram head Adam Mosseri used a video to confirm that NFTs will appear on the feed, stories and messages for a small group of US users. He also mentioned that the digital collectables will also show details like the name of the creator and owner of the NFT.
Mosseri even added that “a handful of US creators and collectors who will be able to share NFTs on Instagram.” He also confirmed that there will be no fees for “posting or sharing a digital collectable on Instagram”.
How can Instagram help NFT sales?
Mosseri also used the same video to acknowledge that NFTs, blockchain technologies and Web3 can be widely used to distribute trust and power. However, he was concerned as “Instagram is fundamentally a centralised platform”. Mosseri added that Instagram supporting NFTs might also further popularise the technology.
A website called NonFungible reported that since September 2021, NFT sales have reduced by a whopping 92 per cent. Last week, the sale of NFTs dropped to a daily average of about 19,000 which once peaked at 225,000 in September last year. Instagram’s push for NFTs may prove to be helpful for these digital assets.
The company’s CEO has also announced that augmented reality NFTs will be available on Instagram Stories via Spark AR so that users “can place digital art into physical spaces.” Earlier, there were reports about the company planning to reduce the money it gives to news organisations.
Availability of NFTs on Instagram
Instagram head Adam Mosseri used a video to confirm that NFTs will appear on the feed, stories and messages for a small group of US users. He also mentioned that the digital collectables will also show details like the name of the creator and owner of the NFT.
Mosseri even added that “a handful of US creators and collectors who will be able to share NFTs on Instagram.” He also confirmed that there will be no fees for “posting or sharing a digital collectable on Instagram”.
How can Instagram help NFT sales?
Mosseri also used the same video to acknowledge that NFTs, blockchain technologies and Web3 can be widely used to distribute trust and power. However, he was concerned as “Instagram is fundamentally a centralised platform”. Mosseri added that Instagram supporting NFTs might also further popularise the technology.
A website called NonFungible reported that since September 2021, NFT sales have reduced by a whopping 92 per cent. Last week, the sale of NFTs dropped to a daily average of about 19,000 which once peaked at 225,000 in September last year. Instagram’s push for NFTs may prove to be helpful for these digital assets.
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