With the incredible versatility of the NFT space, it does not come as a surprise that countless giant corporations are venturing into the industry. Among the many organizations joining the rapidly growing community is the global brand Meta, specifically Instagram.
It can be recalled that CEO Mark Zuckerberg first announced the move two months earlier at the South by Southwest conference in Austin, Texas. The founder spoke with Daymon John of Shark Tank and told him that the enterprise is “working on bringing NFTs to Instagram in the near term.”
According to a Coindesk report, the social media giant plans to integrate non-fungible tokens (NFTs) from top blockchains platforms like Solana, Ethereum Flow, and Polygon. It is also said that Instagram will focus on a select group of NFT enthusiasts in the United States.
On top of that, the site is set to support popular crypto wallets like MetaMask, which will be necessary given that users must connect their wallets and prove ownership before they can display the digital art pieces on their profile. They will also have the functionality to tag the creators of their NFTs.
Instagram is expected to announce a pilot scheme as soon as Monday, and the site will not be charging users for displaying their NFTs. However, whether the social media brand will support NFTs from all networks during the pilot remains unclear.
With one of the most beloved and influential platforms joining the scene, the community should expect a further boost in the number of people who have access to non-fungible tokens. As a result, many are already predicting an increase in the adoption of NFTs across various sectors.
Instagram is not the first social network to experiment with the blockchain. For example, Reddit recently had an NFT integration pilot, whereas YouTube allows its creators to explore the technology features. But of course, with around one billion monthly active users, Instagram would be ushering NFTs into a new category of audience.
IG’s parent company Meta has also revealed its other plans of leveraging the ever-growing blockchain technology. In fact, the corporation’s decision to rebrand from Facebook to Meta last year has helped increase corporate interest in the metaverse.
Some reports even say that the enterprise plans to enable minting and group membership on Facebook in the latter part of this year. There are also speculations that Meta is preparing to create a virtual currency called Zuck Bucks.
The future of NFTs is undoubtedly looking very bright, and with announcements like these from giant companies, the community should expect more activity within the industry in the forthcoming.