According to a recent report by CoinDesk, Instagram users will soon be able to display their blockchain art in the form of non-fungible tokens (NFTs) on the network.
According to the article, Instagram, which is owned by Meta, would interface with the Ethereum, Polygon, Solana, and Flow blockchain networks in order to make this possible. Before displaying their NFT on the site, users will be required to add their crypto wallets, such as Metamask, and provide proof of their ownership of the NFT.
Users will not be charged for uploading and sharing an NFT during the experimental launch. With a brief while in January, Twitter did so for its hexagonal NFT profile images. At this time, it is unclear if Instagram will allow NFT from all four chains at the time of the app’s first launch. According to the article, Instagram will let a select number of NFT fans living in the United States to test the function for a limited time period.
Earlier in March, Meta Inc. CEO Mark Zuckerberg said that the company is looking at the possibility of adding NFTs to its platform. According to Engadget, Zuckerberg said that “we’re working on adding NFTs to Instagram in the near future” while speaking at a session hosted by Southwest Airlines.
He did not, however, elaborate on how Meta intends to incorporate NFT into its platforms. In a statement to The Verge, Zuckerberg said, “Over the next few months, the ability to bring some of your NFTs in, ideally over time, be able to mint things inside that ecosystem.”
According to a Financial Times investigation published in January, Meta is researching the possibility of allowing users to develop, exhibit, and sell NFTs on social media platforms like as Facebook and Instagram.
Particularly noteworthy, Instagram CEO Adam Mosseri said in December of last year that his social media network was “actively studying” the use of NFTs. An Instagram Q&A that Mosseri uploaded to his Stories in response to a query regarding his opinions on incorporating NFTs into Instagram was posted to Mosseri’s Stories.
His statement reads in part: “We have nothing to disclose at this time, but we are absolutely actively investigating NFTs and how we might make them more available to a larger audience.” Zuckerberg had previously said in October that the metaverse would need to facilitate “ownership of digital products or non-financial transactions” (NFTs).
Meanwhile, the NFT storm is subsiding, with fewer deals being executed on the NFT platforms than before. According to statistics acquired from the CryptoSlam NFT tracker, sales of NFT fell to $4.6 billion in January, a significant decrease from the previous month. By the end of March, total NFT sales had fallen to $2.44 billion, representing a 53 percent decrease in total NFT sales.
In addition, the data reveals that the number of unique purchasers has decreased from 9.98 lakhs in January to 6.4 lakhs in March and is presently at 3.81 lakhs for the month of April, representing a decline of 66.5 per cent in the number of unique buyers.
published by: Ifa Zamzami
