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Instagram NFT Coming Soon
Instagram will soon integrate NFTs (non-fungible tokens) from Ethereum, Polygon, Solana and Flow. According to the report, Meta is expected to make an official announcement about this as early as next week, it is also expected that Instagram will not charge users any fees for publishing and sharing NFTs.
In the initial integration phase, Instagram will see the participation of a small group of U.S. NFT enthusiasts.
According to rumors reported by Coindesk, NFTs posted on the social will not be paid for, unlike Twitter, which has long supported NFTs as paid profile images instead with its twitter blue service.
It should be noted that this very service had received heavy criticism from the social’s new owner Elon Musk.
Instagram NFT how it works
New service offered by Instagram, users, after linking their portfolios to their profiles will be able to prove that they are the owners of the NFTs posted, which should at first only concern works of art, show them precisely on their profiles and tag the creators of the works created.
Announcement made by Instagram was followed by that of the U.S. coffee chain Starbucks, which announced its intention to launch its NFTs by the end of the year, considering this tool as an important marketing lever to broaden awareness of its brand.
Starbucks would be yet another case of a large company entering the NFT market, following big fashion brands such as Gucci, Louis Vuitton or car brands such as Ferrari and Lamborghini.
By now it is well known to all how the social networking giant is restructuring its entire business model to align with a reality that seems increasingly inevitable, the Metaverse.
For Meta, this means promoting the use and spread of NFTs, the cryptographic tokens that enable the existence of digital private property, in order to be able to create the market within which Facebook’s Metaverse will take hold.
Of course, Meta is far from the only major platform to dive into NFTs. Reddit has launched its own collection of NFT avatars, and Twitter has released a mechanism that allows users to verify their NFTs and turn them into profile pictures.
Addition, the NFT market has grown over the past year. In the past 30 days, OpenSea, one of the largest NFT marketplaces in the world, has reported a volume of more than $2 billion
This regard, news on Instagram serves to further solidify the place of NFTs in the global culture. In fact, at this point, it is almost impossible to deny the significance of NFTs.
Or if you want to find out what an NFT is I talk about it here: What are NFTs?
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