- Users will have quick access to Rainbow, MetaMask, Trust Wallet, Dapper, and Coinbase Wallet, among other third-party cryptocurrency wallets. A Phantom integration is coming soon.
- According to Meta, integrating NFTs into Instagram enables the community to access this emerging class of digital assets by gathering and showcasing them on the platform.
According to a recent announcement by Meta Platforms Inc., the nonfungible token functionality on Instagram will now be available in more than 100 countries, including Africa, Asia-Pacific, the Middle East, and the Americas.
Mark Zuckerberg, the CEO of Meta, announced the decision on Instagram and shared a classic Little League Baseball card of himself that he described as a “soon-to-be NFT.”
Only a limited number of creators were initially permitted to showcase NFTs on their Instagram profiles as part of a pilot project that began in May. NFTs are a class of blockchain-based cryptographic assets that link ownership to virtual goods like digital collectables and artwork, enabling them to be purchased, sold, and exchanged.
Users will have quick access to Rainbow, MetaMask, Trust Wallet, Dapper, and Coinbase Wallet, among other third-party cryptocurrency wallets. A Phantom integration, too, is coming soon.
Meta also revealed that Instagram now accepts NFTs minted on the Flow, Polygon, and Ethereum blockchains. There are no costs associated with sharing or posting NFT artwork on Instagram.
After connecting their wallets, Instagram members can select which NFTs to share or display on their profiles. Once posted, it will be distinguishable by a specific shimmer effect, and other users will be able to see information, particularly public metadata, in its description. Their public profile will have these posts attached.
As NFTs are a part of the creator and collector culture, intended to spark discussions, Instagram will allow these to be automatically recognized with information. Of course, much will depend on your privacy settings.
Additionally, the ability of digital assets to maintain value and fuel speculation has created a thriving market that reached more than USD 41 billion in 2021 but saw a 25% drop in market value during the so-called “crypto winter” in the second quarter of 2022.
Meta explained in a post, “We collect and organize public data from open blockchains, such as Ethereum, to provide this feature. From this public blockchain data, we can only identify which collectables belong to collectors and creators when they connect their third-party wallets to Instagram.”
According to Meta, integrating NFTs into Instagram enables the community to access this emerging class of digital assets by gathering and showcasing them on the platform.
Meta launched a pilot program in May, following Twitter’s initiative to permit users to use NFTs as profile photos, which are shown as soft hexagons when used.
Zuckerberg had stated earlier this year that Meta would develop 3D or Augmented Reality (AR) NFTs for Instagram Stories utilizing the company’s software AR technology, Spark AR. The business announced this week that it has begun enabling users to share and exhibit their digital artifacts as AR stickers in Instagram Stories.