With the announcement of a pilot on Monday, non-fungible tokens (NFTs) from some of the most prominent blockchain networks for cryptocurrency art are coming to Instagram.
The social media powerhouse owned by Meta is looking at NFT integrations for Ethereum, Polygon, Solana, and Flow.
Most digital collectable transactions take place on those networks, with Ethereum and its Bored Apes topping the pack in market capitalisation.
A limited group of NFT fans from the US will participate in the pilot. However, whether NFTs from all four chains will be supported in the launch is yet unknown.
According to CoinDesk, Instagram will not charge users for posting and sharing NFTs, as Twitter did for its hexagonal NFT profile images in January. Instagram intends to support popular cryptocurrency wallets such as MetaMask.
By plugging in their wallets, users will be able to prove NFT ownership, show them on their accounts, and tag the artists who created them.
The pilot comes nearly two months after Facebook founder Mark Zuckerberg revealed that Instagram would support NFTs.
In March, during the South by Southwest (SXSW) conference in Austin, Texas, Zuckerberg said that Instagram would bring NFTs to the platform while talking to businessman Daymond John. However, he hadn’t divulged any specifics then.
Facebook and Instagram were reportedly considering allowing users to generate and trade NFTs directly on the platforms and adding NFT profile images, according to a report by the Financial Times in January.
This integration is expected to improve NFT adoption by increasing the number of people accessing the technology. Twitter is now the only social media network with fully integrated NFTs.
Recently, Meta also unveiled other plans, including launching its first physical retail space, the Meta Store. It will open today at Meta’s Burlingame, California campus.
Meta stated last month that it planned to develop its virtual currency, which the team has dubbed “Zuck Bucks”, as part of its plans to launch various virtual products to diversify its earnings and revitalise its user base.