Instagram Will Support NFTs of Ethereum, Solana, etc

According to Coindesk, instagram plans to integrate non-fungible tokens (NFT) from top platforms such as Solana, Ethereum flow and polygon. The social media platform is expected to announce a pilot plan as soon as Monday.

The pilot program was implemented nearly two months after Mark Zuckerberg first announced that instagram would add NFTs. At the south by Southwest conference in Austin, Texas, Zuckerberg told Damon John of shark tank that meta “is trying to bring NFTs to instagram in the short term”.

It has also been confirmed that instagram will support popular cryptocurrency wallets such as metamask. This will be necessary because users must connect their wallets to the platform before displaying NFTs on their profile and proving ownership. They will also be able to mark the creators of NFTs.

This integration is expected to increase the adoption of NFTs, as it will further increase the number of people who can access NFTs. So far, Twitter is the only social media platform that fully integrates NFTs.

Reddit has also recently piloted NFT integration, and YouTube has also allowed its creators to explore technical features. However, instagram has about 1 billion monthly active users, which will bring NFTs to new audience categories.

Meta Strengthens the Integration of Cryptocurrencies

Meta, instagram’s parent company, also revealed other plans, which are mainly to take advantage of blockchain technology. The company decided to change its name from Facebook to meta last year, leading to increased interest in Metaspace.

It is reported that the company plans to launch coinage and group membership on Facebook later this year. Others said that meta plans to create a virtual currency called chuck bucks.
But its development related to cryptocurrency is not the only reason it has recently become news. Meta also faces several lawsuits related to trademark infringement and failure to deal with cryptocurrency swindlers on its platform.