Instagram to trial NFTs

Social networking giant Instagram is set to trial the use of non-fungible tokens (NFT) on its platform for some US users.

According to The Verge, a group of NFT creators and collectors will soon be able to display their tokens on Instagram. CEO of Meta Mark Zuckerberg said that NFTs were being tested on the platform, with ‘similar functionality’ also coming to Facebook.

Head of Instagram Adam Mosseri also remarked that a small group of US users will have the ability to display NFTs on their feed, stories and in messages. Details of NFTs will be displayed in a similar way to tagged profiles and products and will be named digital collectables.

He added, “I want to acknowledge upfront that NFTs and blockchain technologies and Web3 more broadly are all about distributing trust, distributing power.  But Instagram is fundamentally a centralised platform, so there’s a tension there.”

Mosseri mentioned that support for NFTs on Instagram could help introduce the technology to a broader range of people.

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