These days, companies are really trying to take advantage of having non-fungible tokens (NFTs) in whichever platform they are having. Instagram is the latest player to join the bandwagon and it has begun testing NFTs.
This was confirmed by Instagram CEO Adam Mosseri in his short video announcement. In the testing phase, only a handful of Instagram users in the US will get to test out displaying NFTs on their walls, stories as well as messages. The NFTs will still appear like regular photos but with the tag "digital collectables" that will show the creator's and owner's names.
NFTs on Instagram
— Adam Mosseri (@mosseri) May 9, 2022
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
While announcing the news, Mosseri also acknowledges that there may be some tension between corporate companies and blockchain technologies (such as Web3) due to distributing trust and power. Moreover, he emphasised that NFT's support on Instagram is to help creators to do business and introduce it to the masses.
We think it will take a while for Instagram to fully roll out the NFT update. This is because Mosseri himself said that the company wants to learn from the community about what works, hence starting small in the US. By the way, Mark Zuckerberg also said Facebook is testing NFTs as well and would come to other Meta-owned apps (maybe WhatsApp too?).
Besides that, Twitter has already enabled NFT support for Twitter users to display it on their profile pictures. But what do you think? Let us know in the comments below and stay tuned for more trending tech news at TechNave.com.
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