Wednesday, May 25, 2022

Instagram to test NFTs from coming week

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Meta owner Mark Zuckerberg has said that Instagram will start testing NFTs this week to help online content creators post and make money from their digital artworks. 

CEO of Meta Mark Zuckerburg has announced that Instagram will start testing non-fungible tokens (NFT) in the coming week.

What is an NFT?

An NFT is a unique digital token encrypted with an artist’s signature, which verifies its ownership and authenticity and is permanently attached to the piece.

Anything digital such as photos, videos, GIFs, Music or any kind of artwork can be turned into an NFT.

Zuckerberg said in an update on his Facebook profile, ‘This week we’re starting to test digital collectibles on Instagram so creators and collectors can display their NFTs on their profile.’

He added, ‘Similar functionality is coming to Facebook soon, along with augmented reality NFTs on Instagram Stories via Spark AR so you can place digital art into physical spaces.’

NFT details are displayed on Instagram in a similar way to tagged profiles and products, and are named ‘digital collectibles’. Clicking on the tag will display details like the name of the creator and owner

Mark Zuckerberg has announced that Instagram will begin testing non-fungible tokens (NFTs), with similar functionality is coming to Facebook soon

Also Read:Bored Ape raises around $285m of crypto in virtual land sale

 

Instagram Head Adam Mosseri has also confirmed that a ‘handful of US creators and collectors’ will have the ability to display the tokens on their feed, stories, and in messages.

He said that right now there are a number of different ways for creators to make money, but a lot of them are unpredictable and changing rapidly.

He added, ‘We think one really interesting opportunity for a subset of creators is NFTs – the idea of owning a unique digital item.’

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