Instagram starts beta run with NFT cipher
The parallel digital world of the Metaverse should also evolve into a gigantic trading niche for digital goods. The NFT technology used on Instagram is now being tested in the meta set.
A group of artists and collectors from the USA will soon be able to display their NFT digital artwork on Instagram. This was announced by Mark Zuckerberg, CEO of Meta, and head of Instagram Adam Mosseri on Facebook and Twitter. NFTs (“Non-fungible Tokens”), which are currently booming in the art scene, make it possible to provide digital content with a non-fungible certificate of ownership. From a technical point of view, NFTs are entries in a constantly updated digital record, the so-called blockchain.
Zuckerberg said in an interview that his company is testing NFTs on the platform and that “similar features” will soon be available on Facebook. Adam Mosseri, CEO of Instagram, announced that a small group of US users will have the ability to see NFTs in their feed, stories and messages.
Instagram wants to learn from users
Details of NFTs are displayed in a similar way to profiles and products that use keywords (“Tags”). Clicking on the tag reveals information such as the name of the creator and owner. Mosseri said the testing will initially be on a small scale to allow Instagram to learn from the community. So there are no fees for posting or sharing digital collectibles on Instagram. The focus is on an opportunity for creators to make money using NFTs. However, collectors are also allowed to display their art.
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“I want to acknowledge up front that NFT, blockchain and Web3 technologies more broadly are all about distributing trust and power,” Mosseri said. “But Instagram is basically a central platform, so there’s a tension here.”
Twitter introduced NFTs in January
Advocates of blockchain technology use the term Web3 to claim that they created the third generation of the Web. The first generation (Web 1.0) describes the era in which companies and organizations filled the web with their home pages. Web 2.0 is characterized by the rise of social media services such as Facebook, where content is primarily created by the users themselves. In Web 3.0, users must also own the valuable digital stuff on the web.
NFT, which could be introduced on Instagram in the future, is technically based on the Ethereum and Polygon blockchains. Ethereum in particular has been criticized for its high transaction fees (“gas fees”) and massive power requirements to secure transactions. Mosseri stressed that supporting NFTs on Instagram could help introduce the technology to a wider audience. In January, Twitter already introduced NFTs on the platform as hex profile pictures.
Experts assume that promoting NFT technology is part of the group’s larger Metaverse plans. In the parallel virtual world of Meta, users must be able to move and interact with each other in the form of digital avatars. It should also be possible to trade in digital goods and status tokens. For example, Zuckerberg suggested that clothes worn by a Metaverse avatar could be moved to different locations using NFT technology.