Last week, Instagram CEO Adam Mosseri revealed that Instagram has begun testing its NFT integration with a select number of creators specifically in the United States. A selected number of creators can now display their NFTs on their profiles. This integration will allow users to view which non-fungible token their favored influencer, artist, or even politician owns. Instagram is starting small with this feature since it is a centralized company it wants to learn from the community to better itself before unleashing more features, what this means is that users, collectors, and creators can only view, share and engage with the NFTs.
“But Instagram is fundamentally a centralized platform, so there’s a tension there. So one of the reasons why we’re starting small is we want to make sure that we can learn from the community. We want to make sure that we work out how to embrace those tenets of distributed trust and distributed power, despite the fact that we are, yes, a centralized platform”
This Instagram NFT feature is crucial for the community; it allows artists to connect their digital wallets to their profiles and instantly keep their followers involved with any new work that has been done, as well as possibly sell it to their fans. Adam Mosseri made a video on Twitter explaining the entire NFT integration; the CEO was sincerely focused on developing a new set of revenue for creators.
Instagram is now acquiring and aggregating public data from open blockchains such as Ethereum and Polygon, which helps to highlight who owns what. The Solana and Flow blockchains will be integrated shortly by the company. Creators can only link a limited type of digital wallets, including MetaMask, Rainbow, and Trust Wallet; however, consumers will soon be able to connect their Coinbase Wallet, Dapper, and Phantom. This NFT integration comes after Twitter announced NFT profile pictures.
NFTs on Instagram 🎉
This week we’re beginning to test digital collectibles with a handful of US creators and collectors who will be able to share NFTs on Instagram. There will be no fees associated with posting or sharing a digital collectible on IG.
See you next week! ✌🏼 pic.twitter.com/VuJbMVSBDr
— Adam Mosseri (@mosseri) May 9, 2022
Image source: The Verge