Mark Zuckerberg said 3D NFT would be introduced to Instagram and Facebook in the near future. Users will be able to view NFTs in a physical space.
Instagram has already begun testing NFT, Zuckerberg claims. Augmented reality NFTs will be brought to Instagram Stories via the firm’s Spark AR technology, allowing users to project digital art into physical spaces, Zuckerberg added.
Facebook, another Meta’s platform, is going to run similar tests in the near future.
An NFT works like a blockchain-backed receipt that proves ownership for an item. As of now, NFTs are widely used for digital goods such as artwork, profile pictures, sports collectibles, and interactive video game items. The NFT market swelled to $25 billion worth of trading volume in 2021.
Instagram has started running NFT tests
According to Instagram head Adam Mosser, a selective group of US-based users will be able to use the NFT features on their feed, stories, and messages.
Instagram will let users share NFTs by linking third-party digital wallets. As of now, the list includes Rainbow, MetaMask and Trust Wallet. Three more wallets are to be added soon – Coinbase, Dapper and Phanton.
At the beginning, only NFTs built on the Ethereum blockchain will be available to Instagram users. But Polygon, Solana, and Flow are the next in line.
These blockchains account for the majority of the NFT market. So it’s safe to conclude that Instagram and, presumably, Faсebook, will be supporting 99% of all available NFTs in the near future.
Meta have also confirmed that Instagram users will not be charged fees for posting NFT.
NFT details, named “digital collectibles,” will be displayed similarly to tagged profiles and products. Users can click on them and access information regarding the creator and owner.
Meta also plans to add the ability to use NFTs as augmented reality (AR) stickers on Instagram. Meta is working with creators like Gary Vaynerchuk and Jen Stark and projects such as Adam Bomb Squad and Boss Beauties to roll out its NFT initiative.
What does Meta’s adaption mean for NFT?
- Meta is the biggest social network platform in the world with both Facebook and Instagram having billions of users.
- The rollout of this new feature in Instagram will speedily drive the mainstream adoption of NFT technology and crypto wallets.
- Meta has previously announced its plans to charge up to 47.5% fee for NFT sales in its Metaverse, so the new Instagram announcement looks kind of generous and quite liberal.