October 2, 2022

The company’s plans include introducing virtual collectibles on Facebook and enabling individuals to share and demonstrate the digital collectibles as AR stickers on IG stories.

On Wednesday, Meta executive Mark Zuckerberg declared that Instagram would start testing NFTs on its network this week. Also, the company’s plans include rolling out similar functionalities on Facebook. Also, Instagram Stories’ fans could share non-fungible tokens as AR stickers.

The testing round will involve a group of U.S collectors and creators sharing non-fungible tokens on Instagram through in-app 3rd party digital wallets. The wallets compatible for usage during the launch will include Trust Wallet, MetaMask, and Rainbow. Meanwhile, Dapper, Phantom, and Coinbase will come later.

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Moreover, Meta declared that sharing and posting any virtual collectible on Instagram won’t include fees. It also revealed Polygon and Ethereum as the supported blockchain platforms, with Solana and Flow to arrive later.

Zuckerberg told Impact Theory podcast that the movie concentrates on helping individuals communicate and connect within the metaverse. The CEO added that the collectibles would improve how individuals express themselves in social experiences.

He stated that they would introduce NFTs in all their applications, besides Reality Labs and metaverse work. Instagram’s Adam Mosseri confirmed that the network would conduct the test on a few individuals to gain the community’s trust, citing the worries between tech giants and the decentralized tenet of Web3.

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Mosseri acknowledged that Instagram is a centralized network, different from Web3, blockchain technologies, and NFTs, focusing on distributing power and trust.

The move by Meta comes after Twitter made similar strides to allow its users to display NFTs as profile pictures. Though only iOS Twitter Blue subscribers can access the feature at the moment, Twitter told ZDNet that web and Android would follow, with the company continuing to target top-notch functionalities.

It added that most individuals’ first interaction with cryptocurrencies occurs on Twitter, making it smooth for the community to communicate and interact with the progressing NFT conversation.

Though the hype around NFTs seemed faded over the previous weeks, companies appear ready to jump into the craze. Recently NFT creator raised $725 million to fund developments in NFTs, DeFi, and Web3.

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Stay tuned for more crypto updates.

Editorial credit: lue Planet Studio / shutterstock.com


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