Meta Confirms Instagram Will Start Testing NFTs This Week

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Alex Dovb­nya

Mark Zucker­berg has con­firmed Meta’s long-rumored NFT plans

Meta, the tech giant that owns Insta­gram, has con­firmed that the pop­u­lar pho­to-shar­ing app will start test­ing non-fun­gi­ble tokens this week, accord­ing to an announce­ment made by CEO Mark Zuckerberg.

The bil­lion­aire says that cre­ators and col­lec­tors will be able to dis­play dig­i­tal col­lectibles on their profiles.

Zucker­berg has also revealed that the app plans to go a step fur­ther by let­ting users dis­play aug­ment­ed real­i­ty NFTs on their Insta­gram Sto­ries. The fea­ture will be pow­ered by Spark AR, the biggest plat­form for mobile aug­ment­ed reality.

Face­book, the social media plat­form owned by Meta, will launch sim­i­lar func­tion­al­i­ty in the near future, accord­ing to Zuckerberg.

As report­ed by U.Today, rumors of Insta­gram adding sup­port for non-fun­gi­ble tokens start­ed cir­cu­lat­ing in late 2021.

In Jan­u­ary, The Finan­cial Times con­firmed that Meta was work­ing on a fea­ture that would allow both Insta­gram and Face­book users to flaunt their NFTs. In addi­tion, Face­book was alleged­ly work­ing on its own mar­ket­place for dig­i­tal collectibles.

On Sun­day, cryp­tocur­ren­cy media out­let Coin­desk report­ed that Insta­gram was prepar­ing to add sup­port for NFTs on four blockchains: Ethereum, Poly­gon, Flow and Solana. Meta is yet to con­firm which spe­cif­ic blockchain plat­form its new NFT-relat­ed fea­ture will support.

Insta­gram will not be the first social media plat­form to intro­duce NFT pro­file pic­tures. Pop­u­lar microblog­ging plat­form Twit­ter launched sim­i­lar func­tion­al­i­ty in late January.

Adult-ori­ent­ed sub­scrip­tion-based social media plat­form Only­Fans jumped into NFT pro­file pic­tures in February.

Despite grow­ing adop­tion, the NFT bub­ble is vis­i­bly burst­ing, with sales crash­ing by a stag­ger­ing 92% since last year.

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