Non-fungible tokens (NFTs) have had quite the popularity boom in a relatively short time. Now, even Instagram will offer them.
But how exactly does the company plan to implement NFTs on the Instagram platform?
NFTs Roll Out to Instagram
Meta CEO and founder Mark Zuckerberg first teased Instagram NFTs in March 2022, later expanding on them in a May 2022 Facebook post. It included footage from an interview with Tom Bilyeu, the founder, and host of a show called “Impact Theory”.
In the video, Zuckerberg explained, "We’re starting to test digital NFT collectibles on Instagram so that creators and collectors can display their NFTs."
He also described someone’s NFT collection as a type of freedom of expression that would help them decide what they want to show the world via their profiles.
Adam Mosseri, the head of Instagram, offered more excitement for NFT enthusiasts when he published a tweet that read, "This week, we’re beginning to test digital collectibles with a handful of U.S. 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."
NFTs on Instagram 🎉
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
— Adam Mosseri (@mosseri) May 9, 2022
Mosseri took a similar approach to Zuckerberg and released a video to accompany the news in his tweet. In a clip clocking in at less than two minutes long, Mosseri emphasized the importance of creators and the creator economy to Instagram.
Mosseri positioned NFTs as a potential opportunity for a subset of creators to make money doing what they love. He confirmed that starting from May 9, selected Instagram users can share created or purchased NFTs on Instagram through their feeds, in their Stories, or in messages.
How NFTs Will Work on Instagram
NFT posts will have a tag in the lower right corner that reads “Digitial collectible”, letting users know it’s an NFT. They’ll also shimmer, further separating them from regular posts. When someone taps the post, story or message, they’ll see links to the owner’s and creator’s Instagram profiles, the piece’s name, and a description from the artist.
Instagram will support NFTs on Ethereum and Polygon blockchains at launch, with Flow and Solana coming soon after. Artists and collectors will be able to use Rainbow, MetaMask, and Trust Wallet wallets first, followed by Coinbase, Dapper, and Phantom wallets.
Mosseri also mentioned that there will be no fees for NFT features on the platform, helping stay true to the technology’s decentralized nature. He clarified that only a limited number of people will have this functionality available at first and that Instagram will need to build a lot more functionality over time. However, he believes that starting small will enable Instagram’s team to learn from its user community.
He concluded the video by inviting the public to let Instagram know what they think about this development and what they want to see next. He also promised that people would hear a lot more over the next couple of months about what Instagram will do to help creators make a living.
Zuckerberg anticipates enabling users to feature NFTs in their Instagram Stories using Spark AR, Meta’s AR software platform. Facebook’s Spark AR Hub currently allows users to promote, share, manage, and track the AR effects they make.
What's Next for Meta and NFTs?
In his video announcement, Zuckerberg mentioned hoping to bring NFTs to other Meta platforms. He confirmed Facebook that would have the functionality soon too, and other apps under the Meta umbrella may also introduce the feature at a later date.
Meta also plans to work on 3D NFTs that function with augmented reality (AR). He envisions bringing digital art into physical spaces, such as projecting it onto surfaces.
Will You Try NFTs on Instagram?
Meta executives did not confirm the overall number of Instagram users who will soon see the NFT features. However, sheer curiosity will likely encourage them to check out the functionality if they see it appear on the social platform.