Meta-owned-Instagram is gearing up to support non-fungible tokens (NFTs), built on four blockchains — Ethereum, Polygon, Solana, and Flow. These blockchains have become the first four networks, NFTs built on which, will be supported by Instagram. NFTs are digital collectibles, that lean on the blockchain network for storage and support. These virtual keepsakes can be inspired by literally anything — music, video games, artists, iconic brands, and digital characters. With the rise of the metaverse world now, most NFTs are made to even interact with their immediate digital environment.
Instagram, that reportedly has a userbase of over one billion users, is launching a pilot for NFT support on its platform, CoinDesk reported over the weekend.
While Ethereum is the top choice for NFT makers to build their virtual collectibles on, Solana is not far behind.
As per data tracker CryptoSlam, Solana ranks second in all-time NFT sales. Polygon has emerged to be another energy-efficient blockchain network next to Solana, due to which creators are choosing it to support their work.
Instagram, for now, is not looking to charge users for posting their NFTs on its platform.
Instagram is clearly taking a different approach than Twitter when it comes to exposing its users to the NFT space.
Twitter, when it had added the hexagonal NFT profile picture feature, was initially charging users to use it.
For now, elaborate details on Instagram's pilot remains undisclosed.
Meanwhile, the development has stirred quite the excitement among members of the NFT community.
Mark Zuckerberg, Meta chief, had revealed his plans of bringing NFT-related features to Instagram in March.
At the time, the tech mogul said that Instagram users will ‘hopefully' get to mint their own NFTs on the app in the months to come.
The sales of NFTs reached $25 billion (roughly Rs. 1,84,700 crore) in 2021 as the speculative crypto asset exploded in popularity, data from market tracker DappRadar showed.
Digital artists, who have been appreciating the NFT sector for putting their work on the map, will witness a boom in terms of reaching out to a wider section of global audience with Instagram's upcoming features.
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