Mark Zuckerberg’s Meta has kept its promise and slowly dipping its toes into the digital assets space. Beginning this month, Instagram – an affiliate of Meta – will allow creators on its platform to post and share NFTs regardless of whether they bought or created them. This will allow creators and users to earn an extra income from the photo-sharing platform. Through a blog post, it was announced that:
“Creators can now leverage new tools to earn income, and fans can support them by purchasing digital collectibles – art, images, and videos, music or trading cards – as non-fungible tokens (NFTs).”
With this new development, Meta is focusing on what creators are already using their platforms and looking to improve user experience. Additionally, the rollout hopes to help users create more money-making opportunities and bring the idea of Non-Fungible Tokens (NFTs) to a wider global audience.
While making the announcement, the head of Instagram – Adam Mosseri – stated that users will be able to share digital assets and other collectibles on their feeds. The project will be rolled out to a small audience at the beginning with more functions expected to follow. He added that they will rely heavily on the feedback from the initial users to address problem areas and make the user experience even better for the global audience.
Additionally, Adam Mosseri announced that Meta will be pegged on augmented reality NFTs. This will allow creators to post stories on their Instagram feeds using Spark AR – Meta’s augmented reality platform.
The NFTs will be grounded on Ethereum and Polygon blockchains at the onset with Flow and Solana expected to follow shortly. With the initial rollout, creators and collectors will be able to connect a digital wallet, share digital collectibles and automate tagging. Once a digital wallet is connected, creators and collectors will have the ability to choose which NFTs they would like to share on Instagram.
However, not all third-party wallets will be allowed on the platform. Only Rainbow, MetaMask, and Trust wallets will be allowed at the beginning. Others such as Coinbase Wallet, Dapper, and Phantom are expected to follow soon. On the brighter side, however, Instagram will not charge fees for sharing or posting NFTs on users’ feeds.
To promote safety and to protect consumers and investors, users will be able to report and flag off NFTs and other digital collectibles that will breach set community guidelines.
In another similar announcement, Meta and Facebook CEO – Mark Zuckerberg – stated that Facebook will implement similar features on its platform as well as other affiliated platforms.