This week, some US users will be able to display NFTs on their Instagram profile. Meta CEO Mark Zuckerberg recently confirmed this in a Facebook post. The whole thing should start as a test phase and may also be the case for Facebook in the future.
Blockchain-based non-fungible tokens (NFTs) are advancing into other spheres and are gradually becoming present on social media platforms. As early as January 2022, the short message service Twitter introduced hexagonal profile pictures as NFTs. Now the Meta group wants to take this step as well and feed NFTs into its ecosystem. First on Instagram and maybe soon on Facebook, like Meta CEO Mark Zuckerberg in a short video on Facebook discussed.
What’s the deal with NFTs on Instagram?
A test of the project on Instagram is scheduled to start this week. A small group of US users who have purchased NFTs will be given the opportunity to display them in their feeds, stories and news. At least that’s what Instagram boss Adam Mosseri said in a video he shared on Twitter. This test is intended to give Instagram the option to learn from the community. In doing so, Adam Mosseri draws connections between his centralized platform Instagram and the decentralized blockchain internet Web3.
“I would like to acknowledge up front that NFTs and blockchain technologies and Web3 more broadly are about distributing trust and power“, he says. “But Instagram is basically a centralized platform, so there are tensions there.Adam Mosseri also emphasizes that supporting NFTs on Instagram could help introduce the technology to a wider audience. According to Meta, NFTs of the Ethereum and Polygon blockchains will be supported first, with Solana and Flow to follow later.
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When NFTs started, it didn’t take long for them to catch the attention of corporations and celebrities, who jumped on the bandwagon. How recently that Wall Street Journal reported, NFTs are currently on a downward trend, as sales are said to have stagnated after peaking last September.
Source: via The Verge
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