As early as this Monday, Meta’s popular social network, Instagram, will launch a pilot project for a small group of NFT space enthusiasts. The integration of NFT to the Instagram platform became known back in March of this year. The recent announcement also became known that Instagram will add support for the Ethereum, Polygon, Solana, and Flow blockchains. These networks host most digital collectibles trading, with Ethereum and its Bored Ape Yacht Club leading by market cap.
However, it is still unclear whether Instagram will support four blockchains at once or will add each one gradually. In addition, the social network intends to integrate the most popular cryptocurrency wallets, including MetaMask. By connecting their wallets, social network users will be able to prove ownership of their tokens and demonstrate them in profiles, marking the creators.
Instagram does not plan to charge for posting and sharing NFTs, unlike another popular social network, Twitter, which started charging for NFT profile avatars in January. According to the data, Instagram has over a billion monthly active users, and most of them use the platform to showcase and promote their products and art.
The company’s move comes against the backdrop of last year’s rebranding, which saw Meta focus on exploring web3 technologies and implementing them into its products. In October last year, the company’s new strategy brought her a loss of $ 10 billion because not everyone appreciated the intentions of the company’s founder Mark Zuckerberg.
