Instagram: Meta to introduce NFTs on Instagram, may launch on Facebook soon

meta CEO Mark Zuckerberg has announced that the company will be testing digital collectible or non-fungible tokens (NFTs) instagram Starting this week. Meta has decided to offer these digital assets on its social media platforms as global NFT There is a slowdown in the market. Zuckerberg has also confirmed that the tech giant will begin testing NFTs with Instagram and will soon add “similar functionality” to the company’s other service – Facebook.
The company’s CEO has also announced that augmented reality NFTs will be available Instagram Stories Via spark aro so that users can “place digital art in physical locations.” Before that, there were reports about The company plans to reduce the money it pays to news organizations.
NFT availability on Instagram
instagram head Adam Mosseri Used a video to confirm that NFTs will appear on feeds, stories and messages for a small group of US users. He also mentioned that the digital collectible details will also show details such as the name of the creator and owner of the NFT.
Mosseri also added that “a handful of US producers and collectors who will be able to share NFTs on Instagram.” They also confirmed that there will be no charge for “posting or sharing digital collectibles on Instagram.”
How can Instagram help with NFT sales?
Mosseri also used the same video to acknowledge that NFT, blockchain technology, and Web3 can be widely used to deliver trust and power. However, he was concerned because “Instagram is basically a centralized platform”. Mosseri added that Instagram supporting NFTs could also make the technology more popular.
A website named NonFungible reported that since September 2021, the sales of NFTs have come down by a whopping 92 per cent. Last week, NFT sales fell to a daily average of around 19,000, having peaked at 225,000 once in September last year. Instagram’s push for NFTs could prove helpful for these digital assets.

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