Meta is set to test digital collectibles and NFT art on Instagram by working with a select group of US creators.
Introducing the feature this week, selected users will be able to share their digital collectibles by tagging the original creator within the post. The NFT feature also embeds a digital wallet for users to connect,whilst sharing and posting digital collectibles come with no associated fees.
In a statement released by Meta, the tech company goes into detail on Instagram’s foray into the world of NFTs: “With the incredible opportunity of blockchain technology, they (users) can now leverage new tools to earn income. Fans can support their favourite creators by purchasing digital collectibles – art, images, videos, music or trading cards – as NFTs.”
Instagram seeks to use the capabilities from open blockchains such as Ethereum and Polygon in order to launch its new offering. Through the use of blockchain data, the social media platform will be able to identify the digital creator and collector through the use of its third-party wallets.
Rainbow, MetaMask and Trust Wallet are all digital wallets Instagram offers as a part of its launch, with others such as Coinbase and Dapper intending on becoming available soon.
The venture into exploring the opportunities of NFTs is a first for Instagram, as they look to take advantage of the soaring growth the market is forecasted to make in the coming years.
Through this pursuit, Meta aims to improve the “accessibility, lower barriers to entry and help make the NFT space more inclusive”. The tech firm has also outlined their awareness of the emissions NFT and blockchain technology can produce, reiterating its commitment to sustainability.
One NFT creator, Maliha Abidi, was selected as a part of Instagram’s trials and spoke on the opportunity via an Instagram post: “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 IG for so long. I also love how it bridges my traditional art community and the Women Rise NFT community.”