Meta begins full-scale NFT testing on Instagram

Facebook parent company Meta has announced that Instagram-supported digital collectibles feature will be launched in 100 countries.

The company said the launch is starting in Africa, the Americas and the Asia-Pacific region. The company announced that it now supports connecting the wallet to Coinbase Wallet and Dapper, as well as the ability to publish digital collectibles issued on the Flow blockchain:

“To post an NFT on your profile, all you need to do is connect your digital wallet to Instagram. We currently support third party wallets such as Rainbow, MetaMask, Trust Wallet. Coinbase Wallet and Dapper Wallet coming soon. Supported blockchains currently include Ethereum, Polygon and Flow in the future. There is no charge to post or share a digital collectible on Instagram.”

The company has teamed up with several U.S. artists and collectors to share NFTs they create or purchase on Instagram. For now, testing will focus on three main features:

1. Connecting a digital wallet. Once connected, creators and collectors will be able to choose which NFTs they would like to share on Instagram.
2. NFT exchange. Once a digital item is posted by a creator or collector, it will have a shimmery effect and be able to display the NFT description.
3. Automatic marking of the item’s creator and owner. The artist and collector can be automatically listed in the digital collection post.

The company plans to collect and systematize data from open blockchains in order to know exactly who created this or that NFT and who purchased it. The main supported blockchains at the time of the start of testing: Ethereum, Polygon, later Flow and Solana.

Earlier, the German Deutsche Bank said that the use of NFT in Instagram will increase user confidence in collectible tokens and bring the company up to $8 billion.