Mark Zuckerberg announced it last March: the Meta-owned Instagram platform is also getting into non-fungible tokens (NFTs). And we learn this week that it will support Ethereum, Polygon, Solana and Flow blockchains.
NFTs on Instagram thanks to Ethereum, Polygon, Solana and Flow
According to a report from our fellow CoinDesk members, Instagram will therefore focus on 4 networks for the integration of non-fungible tokens (NFTs): Ethereum (ETH), Polygon (MATIC), Solana (SOL) and Flow (FLOW). It is recalled that for the moment, Ethereum largely dominates in terms of size, but new competitors – like Solana – are also beginning to make their way into the sector.
It’s unclear whether Instagram will offer all of these blockchains at the launch of this feature, or whether they will be integrated in a staggered fashion. Initially, the pilot will only bring together a few U.S.-based users and creators, before being opened up more widely.
Instagram is also reportedly planning to integrate the most commonly used crypto wallets today, such as MetaMask. The service would be completely free.
A small revolution for Instagram?
With Instagram already being a hub for creators, the integration of NFTs could bring a new wave of interest to the sector. Users will indeed be able in the future to display their non-fungible tokens directly on their profiles, and tag the artists who created them.
All this shows the global strategy of Meta, which had already confirmed that its wallet Novi would in the future allow the exchange of NFTs in its metaverse. On the WhatsApp side, Web3 integrations have also started. Last December, the app indeed confirmed that it was moving into cryptocurrency payments. The arrival of the Meta behemoth in the sector is therefore to be watched closely.
