Beginning this week, Instagram’s new feature that allows select creators and collectors to post non-fungible tokens (NFTs) is live. The new feature is available in 100 countries in Asia-Pacific, Africa, the Americas, and the Middle East.
Here’s how it works. Select users can now connect a digital wallet and choose the NFT that they want to share. Once the NFT is posted, it will show a shimmer effect and information about the NFT — such as its creator and the quantity of NFTs in the collection. All posts will be visible on the user’s profile, and both the collector and creator can be automatically tagged in the Instagram post if they decide to do so.
Some of the third-party digital wallets that are supported by Instagram’s new feature include Metamask, Trust Wallet, and Rainbow, with Dapper, Coinbase, and Phantom coming. The blockchains that are supported are Ethereum and Polygon, with Flow and Solana expected soon. There are no fees for the service.
To check out some of the NFTs displayed on the platform, you can currently follow some of these accounts: @adambombsquad, @bluethegreat, @garyvee, @jenstark, @maliha_z_art, @misshattan, @nopattern, @oseanworld, @paigebueckers, @phiawilson, and @yungjake.
As Meta, the parent company of Instagram, continues to roll out access to digital collectibles on its platforms, the company says it is dedicated to helping artists and creators find more monetization opportunities, as well as bringing NFTs to a wider audience. Meta also said that it is important for them to empower diverse voices from underrepresented groups.
Lastly, Meta added that it wouldn’t be long before they roll out NFTs on Facebook and allow users to display their digital collectibles as AR stickers in Instagram stories.
Meta Keeps Making Moves in Web3
In October 2021, Facebook made history when it changed its name to Meta. Less than a year later and the social media giant is continuing to innovate in Web3 even as the NFT and crypto markets remain bearish. Here are some of the top stories we’ve covered from Meta recently.
Earlier in the year, Meta rolled out 3D avatars for Instagram and brought updated avatars to Facebook and Messenger. The 3D avatars are more realistic and expressive and can be used in profile pictures and stickers.
Next, Meta entered the digital wearables market when it revealed it was opening a “Meta Avatars Store.” The store is accessible through Facebook, Instagram, and Messenger and allows users to dress their metaverse avatars in branded outfits. It is currently only available to select users but will be expanded over time.
And most recently, Meta announced that it was expanding its metaverse Horizon Worlds to adults in France and Spain. The metaverse that is accessible via virtual reality headsets like the Meta Quest 2 now sees an average of 300,000 unique visitors per month.
Although Meta has taken a hit from the downturn in the market, the company continues to invest billions of dollars in Web3 technologies like blockchain, NFTs, and the metaverse. Time will tell how popular Instagram’s NFT sharing feature will become. But one thing is certain: Meta and Mark Zuckerberg are all-in on Web3.