Instagram To Soon Support NFTs Built On Ethereum, Polygon, Solana, And Flow
Meta-owned Instagram is adding support for NFTs, giving creators a new way for them to earn more money from their work.
The announcement came via Twitter with Instagram chief Adam Mosseri saying that it will be testing the water initially before adding more functionality over time.
In the video, Mosseri said that Instagram is “beginning to test digital collectibles with a handful of US creators and collectors who will be able to share NFTs on Instagram.”
More importantly Mosseri has confirmed that “There will be no fees associated with posting or sharing a digital collectible on IG.”
We also know that blockchain support will include Ethereum and Polygon while wallets that will be supported out of the gate will include Rainbow, MetaMask, and Trust.
NFTs on Instagram 🎉
This week we’re beginning to test digital collectibles with a handful of US creators and collectors who will be able to share NFTs on Instagram. There will be no fees associated with posting or sharing a digital collectible on IG.
Today’s announcement comes on the heels of a report published yesterday by CoinDesk that appears to have been on the money. It said that support was in the works, seemingly unaware that it was just hours away.
The social media powerhouse owned by Meta is planning NFT integrations for Ethereum, Polygon, Solana and Flow, CoinDesk has learned. Those networks host the vast majority of trading in digital collectibles, with Ethereum and its Bored Apes leading the way by market cap.
All eyes will be on Instagram to see how it makes all of this new NFT functionality work, while it will also be interesting to see what features are added in the future, too.