Instagram will begin testing NFTs with select developers this week • TechCrunch | Tech Reddy


Instagram head Adam Mosseri read it today the foundation will begin testing NFTs with select manufacturers in the United States this week. Mosseri said there is no cost associated with posting or sharing a digital collection on Instagram. At launch, the blockchains supported for displaying NFTs on Instagram are Ethereum and Polygon, with support for Flow and Solana coming soon. Third-party wallets compatible for use at launch include Rainbow, MetaMask, and Trust Wallet, with Coinbase, Dapper, and Phantom coming soon.

Creators and people in the experiment can share the NFTs they have created or sold. You can share these NFTs in your main Instagram Feed, Stories or messages. Mosseri said that only a small number of people are participating in the Instagram test, but the company plans to release more NFT-related activities in the future and receive feedback from its first test.

“I want to agree up front that NFTs and blockchain technologies are about distributed trust and decentralized power,” Mosseri said in his post. “But Instagram is a real platform, so there are concerns. So one of the reasons we started small is that we want to know that we can learn from the community. We want to to work on how to embrace those principles of shared distribution and shared power, even though we are, yes, a central platform. We think that’s one of the unique ways we have a chance to create technology web3 to be accessible to a wide range of people. And NFTs we think are good not only for NFT creators, but also for people who want to collect them.

Instagram told TechCrunch in an email that the developers involved in the first NFT test are: @adambombsquad, @bluethegreat, @bossbeautiesnft, @c.syresmith, @cynthiaerivo, @garyvee, @jenstark, @justmaiko, @maliha_z_art, @misshattan, @nopattern, @oseanworld, @paigebueckers, @phiawilson, @swopes with @yungjake.

Mosseri also said that the creator economy is very important to Instagram, but one of the challenges the company is looking at is how even though there are many different ways for creators to make money, many of them don’t. clearly and differently. fast. Mosseri said this new launch will create an interesting opportunity for the developer sector.

Meta CEO Mark Zuckerberg said in an announcement that Facebook-like functionality could soon be coming to other Meta apps in the future. Zuckerberg also said that Meta will work on augmented reality NFTs, or 3D NFTs, which you can bring to Instagram Stories using Spark AR, which is the company’s AR software program. .

instagram test nfts

Image Credit: Instagram

Alexandru VoicaEMEA tech comms at Meta, said in a series of tweets that have since been deleted that “in the metaverse, people buy, use, and share digital goods and experiences, and NFTs are a big piece of the puzzle for making this a reality.”

Voica said Meta is starting with NFTs because they are important to the economic viability of the metaverse, but they are just a sample of the technologies the company is exploring. Voica said Meta is exploring a wide range of web3 technologies because the company believes these technologies will reduce costs, expand access and accelerate innovation for developers and people. around the world.

The official launch comes a few weeks after Zuckerberg announced in a discussion at SXSW that Meta will be sending NFTs to Instagram soon, which is one of the reasons why today’s announcement was not surprising. In addition, last summer, Instagram hosted “Innovators Week,” a virtual-only event that the company described as a “special gathering for NFT developers” in its applications.

Instagram’s NFT test comes as Twitter activated NFT photo sharing for premium users earlier this year. Instagram and Twitter aren’t the only digital giants looking to embrace NFTs, as YouTube CEO Susan Wojcicki suggested the platform embrace web3 technologies, including NFTs, to help YouTube creators to make money.


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