Instagram announced that the platform will be integrating NFTs from popular non-fungible token platforms Solana, Ethereum and Polygon. A plan for the move is yet to be officially released as of Monday. Initially, the well-known social media platform will let U.S. users display their minted NFTs for free. Meta also intends to add functionality for leading crypto wallets, such as MetaMask, which will be used as a tool to prove ownership of NFTs. In future, NFT creators will be able to tag the artists that contributed towards making their NFTs, bringing the blockchain technology to a broader audience.
Instagram's pilot for non-fungible tokens could be announced as early as TODAY, according to a report Find out which users would gain access first — and the four blockchains set to be supported https://t.co/7JYF4ShGxyThe Change of Image Bears Fruit for Meta— CoinMarketCap (@CoinMarketCap) May 9, 2022
The parent company of Instagram, Meta, had to overcome a variety of changes and struggles in 2021, when the notorious Facebook (NASDAQ:FB) leak became the center of media attention. Soon after the scandal, Facebook officially changed its name to Meta in a move that was intended, and indeed proved to be attractive for blockchain technology investors.
There has already been talk of NFT minting being introduced to Facebook by the end of 2022, and the hype around the Metaverse continues to build, despite the company’s ongoing legal battles – trademark infringement and ineffective fraud prevention being among them.
Meta also has plans to implement NFTs as Facebook group memberships, as well as to create their own coin. However, the new coin in question is not likely to be blockchain-based, and will serve rather as an in-app currency for Meta products.
Solana (SOL) and Ethereum (ETH) Down by 5% in the Last 24 hours
Despite the talk of Instagram’s new feature, which will certainly put the two most popular NFT-related cryptocurrencies to work, both SOL and ETH fell slightly over the weekend. As of this writing, Solana (SOL) is trading at $74.34, which is 17% down from last week, while Ethereum is priced at $2,459.31, marking a 13% price decrease from the same point last week.
Why You Should Care
The increased corporate interest being shown in the metaverse and Web 3.0 in general is a signal of the changes coming to world’s most powerful social media platforms. NFTs will soon be introduced to their widest audience ever, as one billion Instagram users look set to receive a fresh, unique experience.