Ethereum NFTs are coming to Instagram this week and Facebook could be next as we can see more today in our latest Ethereum news today.
Instagram will also support Polygon and will add Flow and Solana soon while Facebook will support the NFTs in the near future. Ethereum NFTs are coming to Instagram and the creators will soon be able to display verified NFT collectibles starting this week. Following CEO and co-founder Mark Zuckerberg’s tease in MArch, Meta announced that it will roll out support for NFTs on the popular photo-sharing app Instagram this week and the support on Facebook is right around the corner.
Instagram will allow NFT collectors and creators alike to link their crypto wallets to display verified collectibles that started this week in the US with a gradual rollout that will not hit every user at once so at first, the feature will support NFTs minted on Polygon and Ethereum with the former being a scaling solution for Ethereum. Soon, Instagram plans to add support for NFTs minted on Solana and Flow with the two being popular networks for collectibles. The supported wallets at launch include Rainbow, Trust WAllet, and MetaMask with others like Coinbase Wallet, Dapper WAllet, and Phantom coming in time.
An NFT works like a blockchain-backed receipt that proves ownership for an item and it is often used for digital goods like artwork, profile pictures, and sports collectibles so the marekt swelled to $25 billion worth of trading volume in 2021. According to Meta, the NFT images displayed on Instagram will have a unique shimmer effect which will set them apart from the standard shared images and photos and they will also be attributed to both the collector and the creator so there will be no fees tied to the NFT feature.
Facebook will add NFT support as well according to a Facebook representative so the company will add the ability to use the NFTs as augmented reality stickers on Instagram. Meta is working with creators such as Gary Vaynerchuk and Jen Stark as well as projects like Adam bomb Squar and Boss Beauties to roll out the NFT initaitive. The Meta move followed the one of Twitter which added the ability to select users to show NFT profile pictures back in January. The feature is limited to the subscribers to the premium Twitter blue service and supports ETH NFTs alone for now.
While Twitter’s feature was seen as a boon for the mainstream acceptance of NFTs, launched during the hot market it was quite panned by some. It wasn’t only NFT critics complaining about the impact on the environment and crypto scams with some NFT supporters gripped about the need to pay a subscription fee to verify the NFT as a profile picture. Meta’s move is part of a bigger push toward the metaverse for the company as fully revealed when Facebook changed the name of the parent company.