Instagram announced that they are currently testing digital collectibles with select creators and collectors in the United States to share NFTs they have created or purchased.
The news was confirmed by Adam Mosseri, director of Instagram.
An NFT is a unique digital asset, a type of collectible that can be bought or sold, much like works of artexplained Diana Lunareja, content creator.
In other words, the social network will allow artists to have exhibition spaces and to the collectibles spaces to display what they acquired. This can be seen in the feed, stories or shared by direct message.
“Buying an NFT is like joining an exclusive club because you get access to additional benefits, experiences and even purchases from other NFTs. So now on Instagram the NFT will be one more thing that people are going to want to show off,” Diana said.
The function includes three features:
– The Connection of a digital wallet: Once connected, creators and collectors will be able to choose which NFTs from their wallet they would like to share on Instagram.
– Share digital collectibles: Once a creator or collector posts a digital collectible, it will have a glowing effect and can display public information such as a description of the NFT. Posts will also be visible on your profile.
– Automatic tagging of both the creator and the collector: The creator and collector can be automatically attributed on the digital collectible post (subject to your privacy settings).
“With the incredible opportunity of blockchain technology, they can now take advantage of new tools to earn revenue, and fans can support their favorite creators by purchasing digital collectibles (art, images and videos, music, or trading cards) as non-fungible tokens (NFTs). Starting this week, select creators and collectors can share their digital collectibles on Instagram,” Instagram said in a statement.
He further explained that There will be no fees associated with posting or sharing a digital collectible on the social network.
He also reported that as of launch, the blockchains that will be supported are Ethereum and Polygon, and then Flow and Solana will be available. Third-party wallets supported for use will include Rainbow, MetaMask, and Trust Wallet, with Coinbase, Dapper, and Phantom.
Finally, Meta (owner of Instagram) indicated that Later they plan to implement digital collectibles in other social networks of the company, such as Facebook.