Instagram launches into NFTs

Starting this week, a handful of American creators and collectors will be able to share NFTs on Instagram, his boss revealed.

Last March, Mark Zuckerger, the head of Meta Group (formerly Facebook), the parent company of Instagram, indicated that his company planned to introduce NFT on Instagram “in the short term.” Now we know more.

Adam Mosseri, the Instagram boss, just announced on Twitter that starting this week “a handful of American creators and collectors will be able to share NFTs on Instagram”. Users will be able to share their NFT on their Instagram feed, their Stories or even their messaging system.

“The creator economy is incredibly important to Instagram,” he said. A small community will first be able to test this new feature before it is opened “more broadly”, explains Adam Mosseri. First, the latter wishes to measure the temperature of this universe, and specifically “learn from the community”.

CoinDesk media first revealed Instagram’s projects in NFTs on Sunday. According to CoinDesk, Instagram is expected to support NFTs from four blockchains: ethereum, polygon, solana, and flow. “It is not known whether Instagram will offer all of these blockchains when this feature is launched,” CoinDesk said. This information has not been confirmed by the Instagram boss on Twitter. We will probably know more this week.

A free feature

Recall that an NFT (“Non Fungible Token” or non-fungible token) is a digital property title, issued by a blockchain (mainly ethereum), and associated with a digital asset (photos, videos, etc.). Each NFT is unique and cannot be reproduced. NFTs are used in art, in the luxury industry or for figurines in sports.

But unlike Twitter, which has been charging its users to place their NFT on their profile picture since January, Instagram has chosen to make this feature free. “There will be no fees associated with posting or sharing an NFT on Instagram,” confirmed Adam Mosseri. With over a billion monthly active users, Instagram could give a new twist to the NFT phenomenon, which is losing momentum in 2022.

Will Instagram succeed in this universe linked to cryptocurrencies? In any case, it would be the first concrete step of the Meta group in the crypto sector. In 2019, Marc Zuckerbeg announced his intention to launch his cryptocurrency Libra, which was later renamed Diem. But in the face of pressure from regulators, Meta had finally shelved its project in early February. The group now seems focused on another longer-term perspective: the metaverse.

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