Last March, Mark Zuckerberg stated that the Instagram platform, which is owned by Meta, will also be launching non-fungible tokens (NFTs).
This week, we learned that it will support Ethereum, Polygon, Solana, and Flow blockchains.
According to CoinDesk, Instagram will focus on four networks for the integration of non-fungible tokens (NFTs): Ethereum (ETH), Polygon (MATIC), Solana (SOL), and Flow (FLOW).
It should be noted that, for the time being, Ethereum dominates in terms of size, but other competitors – such as Solana – are also beginning to carve out a presence in the field.
It is unclear whether Instagram will offer all of these blockchains at the same time or if they will be implemented in stages.
The pilot will first only include a few US-based users and creators before being expanded.
Instagram also intends to integrate the most popular crypto wallets currently in use, such as MetaMask.
The service would be absolutely free of charge.
With Instagram already being a platform for creators, incorporating NFTs could pique the industry’s attention.
Users will be able to show their non-fungible tokens directly on their profiles in the future, as well as tag the artists who made them.
All of this demonstrates Meta’s overall strategy, which has previously indicated that its Novi wallet would allow NFTs to be swapped in its metaverse in the future. Web3 integrations have also begun on the WhatsApp side.
Last December, the application stated that it would begin accepting cryptocurrency payments. The advent of the mastodon Meta in the sector will thus be attentively monitored.