By
Bena Ilyas
May 16th, 2024
Instagram plans NFT integration for Ethereum, Solana, Polygon, and Flow.
Reports have emerged suggesting that Instagram will soon support NFT integration for crypto arts on different blockchain networks. A pilot is expected to start as early as Monday, 9th May.
Earlier in the year, Mark Zuckerberg announced the company’s intention in that regard offering only bare details. While at the South by Southwest conference in Austin, Zuckerberg stated that Meta had plans to bring NFTs to Instagram in the near term. Financial Times also went on to state that following the successful pilot of Instagram NFT integration, Meta will kick-start minting and group membership later on Facebook.
How the NFT Integration Will Work
According to the reports, Meta plans NFT integration for Ethereum, Solana, Polygon, and Flow. However, it remains unclear whether the integration for all the blockchain platforms will happen at once or if it will be in phases.
In addition, Instagram will support the integration of MetaMask wallets for crypto and NFT holders. By connecting their wallets, users will be able to prove ownership of NFTs and flaunt them on their profiles. They will also be able to tag the creators of the NFTs.
Unlike Twitter, Instagram will not attach a fee to posting and sharing NFTs. Recall that in January when the Twitter NFT integration occurred, users were charged for their hexagonal NFT profile photos.
Integration Will Boost Mainstream Adoption
With about 13% of the world population on Instagram, providing NFT support will expose a whole new spectrum of people to the technology. Many of these are already creatives using the platform to promote and market their art. This, it is expected, will increase mainstream adoption of NFTs.
In a similar move, Reddit recently completed the pilot test of its NFT integration. Likewise, YouTube has been exploring NFTs for content creators.
Meanwhile, Meta may also be gearing up to launch a virtual currency, Zuck Bucks. Beyond this, Meta is facing lawsuits for trademark infringements and failure to deal decisively with crypto scammers using its platform.