Instagram have announced an exciting new feature relating to NFTs. To start with, a limited number of users will be able to post their NFTs.
Starting May 2022, Instagram are testing digital collectibles with select US creators and collectors to share NFTs that they have created or bought. The feature includes:
- Connecting a digital wallet,
- Sharing digital collectibles,
- Automatically tagging the creator and collector.
There will be no fees associated with posting or sharing a digital collectible on Instagram.
Every day, creators inspire people and push culture forward around the world. With the incredible opportunity of blockchain technology, they can now leverage new tools to earn income, and fans can support their favorite creators by purchasing digital collectibles, art, images, videos, music or trading cards – as non-fungible tokens (NFTs). Starting in May 2022, select creators and collectors can share their digital collectibles on Instagram.
Creators are using new technologies like NFTs to take more control over their work, their relationship with their fans, and how they can monetize. Meta are looking at what creators are already doing across their technologies in order to improve the experience, help them create more monetization opportunities, and bring NFTs to a broader audience.
Introducing Digital Collectibles
Instagram have begun to test digital collectibles with a handful of U.S. creators and collectors who will be able to share NFTs on Instagram that they have created or bought. This feature includes:
- Connecting a digital wallet. Once connected, creators and collectors will have the ability to choose which NFTs from their wallet they would like to share on Instagram.
- Sharing digital collectibles. Once a creator or collector posts a digital collectible, it will have a shimmer effect and can display public information, such as a description of the NFT. Posts will also be visible on their profile.
- Automatic tagging of both the creator and collector. The creator and collector can be automatically attributed in the digital collectible post (subject to their privacy settings).
Instagram collect and organize public data from open blockchains, such as Ethereum, to provide this feature. From this public blockchain data, we can only identify which collectibles belong to collectors and creators when they connect their third-party wallets to Instagram. Starting at launch, the blockchains that will be supported are: Ethereum and Polygon, with Flow and Solana coming soon.
The third-party wallets compatible for use will include
- Trust Wallet
Coinbase, Dapper and Phantom coming soon.
There will be no fees associated with posting or sharing a digital collectible on Instagram. .
Instagram said “It’s critical that our early efforts in this space empower diverse voices and that underrepresented groups have access to emerging digital assets like NFTs. By building support for NFTs, we aim to improve accessibility, lower barriers to entry, and help make the NFT space more inclusive to all communities. It is also important that we keep Instagram a safe and enjoyable place for everyone. Therefore, people can use our tools to keep their accounts secure and report digital collectibles which go against our community guidelines. In addition, we understand that blockchain technology and NFTs raise important questions on sustainability.”
Meta (owner of Instagram) will help reduce the emissions impact that might be associated with the display of digital collectibles on Instagram by purchasing renewable energy. Learn more about our commitment to sustainability here.
Instagram will expand access to digital collectibles soon, bringing the benefits of NFT ownership to even more creators and collectors. For now, if you want to see digital collectibles in action, you can follow these accounts:
@maliha_z_art said “I feel excited to be able to share my NFT journey with the community I’ve been cultivating on IG for over ten years! I love how this new feature will let collectors trace the art back to the artist and be a part of the community that they have been building on Instagram for so long. I also love how it bridges my traditional art community and the Women Rise NFT community.”
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