Instagram is about to enter the crypto world. The Meta-owned social media platform is going to tie up with some of the most popular cryptocurrency blockchain networks, including Ethereum, Polygon, Solana and Flow. Instagram has announced the launch of NFTs of these cryptocurrencies on its platform.
The most digitally collectible transactions of the mentioned network blockchains take place on Ethereum and its board apps, which are by far the top by market capitalization. A limited group of NFT fans from the US will be involved in this project. However, whether NFTs of all four blockchains will be supported at its launch, it is not yet known.
According to CoinDesk, Instagram will not charge its users for posting and sharing NFTs, as did Twitter in January for its hexagonal NFT profile images. Popular like Instagram MetaTask cryptocurrency Will support wallets. By plugging in the wallets, users will be able to proof their NFT ownership, display them in their accounts, and tag the artists who created them.
Facebook founder Mark Zuckerberg revealed about two months ago that Instagram would support NFTs. In March at the South by Southwest conference in Austin, Texas, Zuckerberg told businessman Daymond John that Instagram would bring NFTs to its platform. But, at that time, he did not say anything about it emphatically. A report from the Financial Times in January stated that Facebook and Instagram will reportedly give users on their platforms access to generate and trade NFTs via NFT profile images.
Instagram coming with NFTs will increase NFT adoption and more people will be exposed to and use this technology. Currently, Twitter is the only social media platform that is fully linked to NFTs. Recently Meta has also launched its first physical store in the US. It has been launched at the company’s California campus.