Instagram’s integration of NFTs began its pilot testing in May, but not many people know how this new feature works. Here is the lowdown on this highly-anticipated feature.
Around the second week of March, Meta CEO Mark Zuckerberg announced that NFTs would soon be available on Instagram, its subsidiary, photo- and video-sharing app. According to Zuckerberg, this is his attempt to make people more aware of this new technology. He also wanted to make NFTs more accessible to a broader range of consumers.
There are speculations that similar functionality will likewise be introduced on Facebook and other apps under the Meta brand. Not much has been said about this new Instagram feature. Still, many anticipate that collectors and content creators would benefit from it.
The Latest on Instagram NFTs
Until last month, not much information had been shared about the Instagram NFT integration except that it will support NFTs from powerhouse blockchain networks such as Solana, Ethereum, Polygon, and Flow. What’s more, during the feature’s pilot launch in May, only a limited group of NFT enthusiasts from the United States were invited to participate.
Recently, Adam Mosseri, the head of Instagram, granted an interview where he explained that this small group of individuals composed of creators and collectors is already displaying NFTs in their Instagram feeds, stories, and direct messaging. The NFTs are called “digital collectibles” and will be shown similarly to tagged profiles and products. Tapping the tags will show the creator’s name, NFT owner, and other related details.
According to Mosseri, the goal of the pilot launch was to test the feature and learn from the community’s feedback. All feedback from the initial testing will be used to introduce more functionality to the feature eventually.
Mosseri said that it would initially work with third-party crypto wallets such as Trust Wallet, Rainbow, and MetaMask. Other wallets like Phantom, Dapper, and Coinbase will be introduced at a later stage. Users need to plug in their wallets to verify ownership of the NFT, display them on their profiles, and tag the digital artwork’s creator. However, tagging will depend on the creator’s privacy settings.
Every time a collector or creator posts a digital artwork, a shimmer effect will appear. There would also be a description of the piece. Zuckerberg has also intimated that plans for this NFT integration include users’ ability to use augmented reality (AR) to display 3D NFTs as IG Stories.
Will Users Have to Pay to Use the NFT Feature?
Mosseri has given word that sharing or posting a digital collection on Instagram will not incur fees. He added that the company values the creator economy. However, it also acknowledges the unpredictability of how creators generate money from Instagram.
He also implied that soon, aside from being able to mint NFTs, Instagram users would be able to use the platform to buy and sell NFTs.
Will it Be Safe to Use?
Instagram has underscored the importance of keeping the platform safe and enjoyable for all its users. Hence, they have various tools that users can use to keep their accounts secure. Users are also encouraged to report NFTs that are in violation of community guidelines.
Instagram is also quick to assure everyone that they will purchase renewable energy to minimize their carbon footprint. Sustainability is one of the controversies hounding NFTs, given that a single Ethereum transaction’s carbon footprint is said to be 33.4kg CO2. By buying renewable energy, Instagram will minimize the impact of emissions linked to the display of digital artwork.
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