non-fungible tokens continue to make an impact across various industries. Instagram is the latest platform to integrate digital collectibles to give creators and collectors more options. Displaying NFTs on your Instagram profile will become available this week.
Instagram Takes The NFT Plunge
It is not entirely surprising to see Instagram bank big on non-fungible tokens. It is a social media platform where appearance is everything, and flaunting riches is not uncommon. As a result, NFTs have fallen into the “rich people” category, especially if one owns a CryptoPunk, Bored Ape Yacht Club, or other popular collection assets. Moreover, most of these NFTs are profile picture replacements, making them worthwhile to share with Instagram followers.
For now, the feature is only available to select users. Instagram wants to ensure the service works as intended first and foremost before letting millions of people experiment with it. Users can change their profile pictures, share NFTs on their main feed and Stories, and send them through messages after linking third-party digital wallets in-app. Supported wallets include MetaMask, Rainbow, and Trust Wallet. The platform will support Coinbase, Dapp, and Phantom soon.
Instagram will not charge any fees for posting NFT collectibles. However, these posts will receive a “shimmer” visual to make them stand out from traditional content. Additionally, Instagram will attribute both the creator and owner of the NFT being posted. Initial support will focus on non-fungible tokens across Ethereum and Polygon, with plans to add Solana and Flow.
Similar functionality will eventually make its way to Facebook. Meta, the parent company of Facebook, also owns Instagram and plans to incorporate augmented reality NFTs into Instagram Stories soon. That process is made possible through Meta’s Spark AR technology, letting users place digital art into physical spaces.