NFTs are coming to Instagram, and testing will begin this week, Non-fungible tokens (NFTs) aren’t going away. They’re even making their way to a major photo-sharing app near you.
Mark Zuckerberg, co-founder, and CEO of Meta Platforms stated on Monday in a Facebook video that Instagram will begin testing NFTs as soon as this week. Zuckerberg referred to them as “digital collectibles,” and stated that the decision to test NFTs on Instagram was made so that “creators and collectors may exhibit their NFTs” on their accounts. He went on to say that “similar functionality” will be added to Facebook as well, although he didn’t say when it would happen.
In his video announcement, Zuckerberg also stated that augmented reality NFTs (dubbed “3D NFTs”) were being developed for Instagram, describing them as NFTs that could be added to Instagram Stories using Spark AR (a software AR platform) so that “you can put this kind of digital art into 3D spaces and kind of project it on to physical spaces as well.”
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This announcement was not made solely by Zuckerberg. On Monday, Instagram CEO Adam Mosseri turned to Twitter with his own video statement on NFTs and the popular photo-sharing app. Mosseri provided some further information on the anticipated inclusion of NFTs on Instagram.
According to Mosseri’s statement, this week’s NFT testing would be limited to select makers and collectors in the United States and would include allowing certain users to post NFTs “that they’ve produced or that they’ve acquired” on Instagram’s Feed, Stories, or via messages. According to Mosseri’s tweet, “there will be no costs connected with publishing or sharing a digital collectible on IG.”
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While there is a lot of buzz about NFTs, they are not without controversy. Many of these “unique digital goods” have a significant carbon footprint in terms of how much electricity is required during transactions using them.
While Meta is simply talking about distributing NFTs on its platforms, it remains to be seen how popularising them in this manner may lead to more NFT generation and purchases, and therefore a potentially higher carbon impact.