Instagram to integrate NFTs from Ethereum, Solana, and others

According to Coindesk, Instagram intends to integrate non-fungible tokens (NFTs) from leading platforms such as Solana, Ethereum Flow, and Polygon. The social networking platform is set to launch a pilot program as early as Monday.

According to the source, the platform would target a specific group of NFT fans in the United States. Whether Instagram will support NFTs from all networks during the experiment is unknown. The site would also not charge users for exhibiting their NFTs.

The pilot comes nearly two months after Mark Zuckerberg revealed that Instagram would be adding NFTs. At the South by Southwest conference in Austin, Texas, Zuckerberg told Shark Tank Daymon John that Meta is “working on introducing NFTs to Instagram in the near term.”

Instagram has also stated that it will support popular crypto wallets such as MetaMask. Users will need to connect their wallets to the site before they can display the NFTs on their profile and prove ownership. They will also be able to tag the NFTs’ creators.

This integration is projected to improve NFT adoption by increasing the number of people who have access to NFTs. Twitter is now the only social media network that has fully integrated NFTs.

Reddit recently piloted NFT integration, while YouTube invites its producers to experiment with the technology. However, with over one billion monthly active users, Instagram would introduce NFTs to a new audience.

Meta Increases Crypto Integration

Meta, Instagram’s parent company, has also unveiled more initiatives that will make use of blockchain technology. The company’s choice last year to rebrand from Facebook to Meta has raised business interest in the metaverse.

According to rumours, Facebook will offer minting and group membership later this year. There are also rumours that Meta plans to launch a virtual currency dubbed Zuck Bucks.

However, its crypto-related developments are not the only reason it has recently been in the news. Meta is also facing multiple lawsuits for trademark infringement and the inability to deal with cryptocurrency scammers on its platforms.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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