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Today Instagram may announce NFTs support: Report

Today Instagram may announce NFTs support: Report 7

Reportedly Instagram is very close to announcing its support for the Ethereum, Solana Network-backed NFTs collectibles.

Instagram is a giant video & photo-sharing social media platform, a subsidiary of Meta ( former Facebook). In the list of top social media platforms, Instagram is showing a better stand to go with NFTs-based project support to bring a better user experience for Instagram users. 

On 8 May, leading news platform Coindesk reported that Instagram may announce its official support for the NFTs-based digital collectibles, to allow the users to showcase their NFTs collections.

In the initial phase of the rollout of the NFTs support, Instagram will give room for a small group of US-based NFT aficionados. And also it will support top leading blockchain networks, like Solana, Ethereum, Polygon, Flow but at present time it is still unclear whether it will support four major crypto networks or it will remain limited to a few or single networks. 

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With this crypto NFTs networks support, Instagram is also planning to support the integrated use of Metamask-like wallets to allow Instagram users to verify & prove their digital collectibles ownership. 

Coindesk also confirmed through its reports that Instagram will not charge any fees for the users to show off NFTs collectibles in their profile, unlike Twitter charged the users to showcase NFTs as profile pictures.

At present, Instagram has a 1 billion active user base globally and the majority of them love to share their artworks through Instagram. 

Meta, a backend company behind Facebook, WhatsApp & Instagram, will support Instagram’s NFTs initiative via Facebook with minting and group membership options. 

Meta in Metaverse

Meta (formerly Facebook) is actively working to develop its Metaverse (next-level virtual reality platform) to provide a better user experience for its users. 

However, the majority of the Metaverse projects are still in the initial phase of development and also the craze among the other leading companies to work on Metaverse was initiated because of Meta. 

There are expectations to see a Metaverse-based prototype of projects in 2023. 

Read also: CoinShares chief officer says govts moving toward bitcoin ban

Today Instagram may announce NFTs support: Report






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