Non-fungible tokens (NFTs) from some of the most well-known blockchain networks for cryptocurrency art are coming to Instagram. This was announced on Monday as part of a pilot.
Meta’s social media powerhouse is looking into how Ethereum, Polygon, Solana, and Flow can be integrated with NFTs.
Most transactions for digital collectibles happen on these networks, with Ethereum and its Bored Apes being the most valuable in terms of market capitalization.
Only a small number of US NFT fans will take part in the pilot. But it’s still not clear if NFTs from all four chains will be supported at launch.
CoinDesk says that Instagram users won’t have to pay to post and share NFTs, as Twitter did in January with its hexagonal NFT profile images. Instagram plans to work with popular wallets for cryptocurrencies like MetaMask.
Users will be able to prove that they own NFTs by plugging in their wallets. They will also be able to show them on their accounts and tag the artists who made them.
Mark Zuckerberg, the founder of Facebook, said about two months ago that NFTs would be supported on Instagram.
In March, at the South by Southwest (SXSW) conference in Austin, Texas, Zuckerberg told businessman Daymond John that NFTs would be added to Instagram. But he hadn’t said any specifics back then.
A report from the Financial Times in January said that Facebook and Instagram were thinking about letting users make and trade NFTs directly on the sites and adding NFT profile pictures.
This integration is expected to make NFT more popular by making it easier for more people to use. Twitter is now the only social media site with NFTs that are fully built-in.
Meta recently announced other plans, such as opening the Meta Store, its first real-world store. It will start today at Meta’s California campus in Burlingame.
Meta said last month that it planned to develop its virtual currency, which the team has named “Zuck Bucks,” as part of its plans to launch a variety of virtual products to increase its income and bring back old users.