Meta CEO Mark Zuckerberg has announced that the company is planning to launch NFTs and other digital collectibles for creators on Instagram.
Through a video post on his Facebook account, which contained excerpts of a conversation, Zuckerberg made the announcement that NFTs and digital collectibles would soon after be launched on other apps of the Meta Family, including Facebook.
Adam Mosseri, Head of Instagram, put out a tweet which read, “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.”
He said that the creator economy is booming and it is incredibly important to Instagram but one of the challenges for creators is how to make a living by doing what they love. The company think that one of the subsets from which creators can earn is NFTs.
The idea of owning a unique digital item. Web3 is all about distributing trust and power, but Instagram is fundamentally a centralised platform so there is tension.
Meanwhile, Zuckerberg said, “We are going to bring augmented reality to NFTs, basically 3D NFTs, the users can bring this on their Instagram using Spark AR, which is our Software AR platform. One can put this kind of digital art into 3D spaces and kind of project it on to physical spaces as well.”
The company has partnered with Polygon and Ethereum to collect and organise public data from open blockchains to provide this feature. From this public blockchain data, Meta can only identify which collectibles belong to collectors and creators when they connect their third-party wallets to Instagram.
Starting from launch, the blockchains that will be supported are Ethereum and Polygon, with Flow and Solana coming soon. The third-party wallets compatible for use will include Rainbow, MetaMask and Trust Wallet, with Coinbase, Dapper and Phantom coming soon.