Instagram Enters Web3 Space With Plans for NFT Integration

The innovation has already begun with Meta’s partnering Polygon, offering creators and collectors the chance to display their Polygon-based digital collectibles on Instagram.

NFTs on Instagram 

Non-fungible Tokens (NFT) are the current trend in the industry. Instagram, powered by Meta, looks to join the Web3 ecosystem, where users create and sell unique digital collectibles to earn a profit. The video and photo social network platform plans to integrate NFTs from Ethereum, Polygon, Flow, and Solana. 

The social media powerhouse created ties with the networks mentioned above due to their prominent roles in the NFT space. For instance, Ethereum is the home of the industry-leading NFT, Bored Ape. Following reports of the integration, the CEO of Meta Platforms inc, Mark Zuckerberg, spoke about the future of NFTs and digital collectibles during an interview with Tom Bilyeu, the Co-founder and host of Impact Theory. During the discussion on Monday, May 9, Zuckerberg talked about Instagram’s NFT integration, adding that content creators will soon start displaying their collections on their profiles. 

“We’re starting building for NFTs in our Reality Labs work, but also across our family of Apps. We are starting to test digital collectibles on Instagram so that creators and collectors can display their NFTs,” Mark Zuckerberg said. 

Meta’s CEO also disclosed that the integration would be brought to Facebook shortly and other supported applications, including the development of Meta’s Spark Augmented Reality (AR) software. According to Zuckerberg, creators will utilize the software to deploy their AR NFTs, basically 3D NFTs, on Instagram stories. 

“We are also going to work on Augmented Reality NFTs, basically 3D NFTs, that you can bring to Instagram stories using Spark AR, that’s our software AR platform. So you can put this kind of digital art into 3D spaces and kind of project it into physical spaces as well,” he said. 

Source: Preview of NFTs integrated on Instagram

The NFT community will embrace Meta’s decision, as numerous art lovers utilize the social platform, with over a billion monthly active users. Additionally, Instagram would support wallet integrations like Metamask. Through this, users would be able to prove NFT ownership, showcase them through their Instagram profiles, and promote its visibility on Instagram’s large user base. They will also be able to tag the NFT creators. The integration offers users a new dimension of NFT adoption in the Web3 space. 

Meta Integrates Polygon 

Meta’s plans to support NFTs from different networks commenced following Mark Zuckerberg’s exclusive interview on Impact Theory. On Monday, May 9, Polygon tweeted its integration with Meta to allow creators and collectors to showcase their Polygon NFTs on Instagram. https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfX0%3D&frame=false&hideCard=false&hideThread=false&id=1523674225714036737&lang=en&origin=https%3A%2F%2Fwww.bsc.news%2Fpost%2Finstagram-enters-web3-space-with-plans-for-nft-integration&sessionId=dabd7795b668480f74dbf002949ab2cf6a93c6d3&theme=light&widgetsVersion=c8fe9736dd6fb%3A1649830956492&width=550px

Meta expressed excitement at the partnership in reply to the network’s tweet: 

“We’re thrilled about having sustainable digital collectibles that artists can feel good about flaunting.”

BSC News recommends watching the YouTube interview HERE to learn more about Instagram’s NFT integration. 

What is Meta: 

Meta is a social metaverse company that builds technologies to help people connect, find communities and grow businesses. The platform moves beyond 2D screens and into immersive experiences like virtual and augmented reality, helping create the next evolution of social technology through Facebook, Instagram, WhatsApp, and other supported applications.

Where to find Meta: 

Website | Twitter | YouTube 

Source : bsc.news

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