Meta to Start NFT Tests on Instagram This Week
- Mark Zuckerberg revealed that Instagram will be the first app under Meta’s control to start NFT tests, and that Facebook could soon see a similar functionality.
- Meta’s CEO also noted that the company was working on augmented reality NFTs, which will allow users to place their digital art into physical spaces.
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Photo and video sharing platform Instagram will begin testing non-fungible token (NFT) integration starting this week, Meta CEO Mark Zuckerberg said in a video on 9 May.
During an interview with Impact Theory’s Tom Bilyeu the CEO of Meta revealed that creators and collectors will now be able to use NFTs as their profile picture. Zuckerberg noted that this trial was the first step to allowing users to use NFTs on all other Meta apps — WhatsApp, Facebook, and Messenger — and that we could soon see a similar functionality being introduced to Facebook. Zuckerberg said in a post:
“Enjoyed talking to Tom Bilyeu about NFTs, web3 and the metaverse. This week we’re starting to test digital collectibles on Instagram so creators and collectors can display their NFTs on their profile. Similar functionality is coming to Facebook soon.”
Meta’s CEO also revealed that the company was working on augmented reality NFTs — “basically 3D NFTs” — which will eventually allow users to bring their digital collectables to Instagram Stories using Spark AR, Meta’s augmented reality platform. Zuckerberg explained that this move would enable creators to put their digital collectibles in 3D spaces, and eventually project them “onto physical spaces as well”.
Rumors of Meta’s plans to integrate NFT functionality into Facebook and Instagram first appeared in January, when the Financial Times cited “several people familiar with the matter”. At the time, the sources also said the company was discussing the launch of its own NFT marketplace.
- Sui Network was developed by Mysten Labs, which was founded by ex-Meta employees, using the Rust-based Move programming language.
- Unlike other blockchains that use proof-of-work and proof-of-stake consensus mechanisms, Sui relies on delegated proof-of-stake that allows users to elect and vote for delegates.
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- Music streaming giant Spotify has launched a new “token-enabled playlist” pilot, which gives holders of specific NFTs access to exclusive content on its platform.
- Participating in the pilot are NFT platforms Overlord, Fluf, Moonbirds, and Kingship, though only Android users in the U.S., U.K., Germany, Australia, and New Zealand will have access to it.
- Meta will soon offer NFT creators an “end-to-end toolkit” that will enable them to mint and sell their digital collectibles directly on Instagram.
- The company will add support for the Solana blockchain and Phantom wallet, and further expand its supported blockchains with the addition of Solana.