Mark Zuckerberg, the CEO of Meta (FB), announced on Monday via video that Instagram will start testing non-fungible token (NFT) integrations over the week. CoinDesk reported a few days ago that Ethereum , Polygon, Solana and Flow were among the blockchains selected to be supported in Meta.
“We’re starting building for NFTs not just in our metaverse, and Reality Labs work but also across our family of apps. We’re going to bring similar functionality to Facebook soon,” Zuckerberg commented, without sharing major details on which blockchains will be featured.
With its Spark AR software, the company is developing three-dimensional augmented reality NFTs, which will first be compatible with Instagram stories. According to a tweet from a Meta representative, compatible third-party wallets will be MetaMask, Rainbow and TrustWallet. Initially, Instagram will support Ethereum-based NFTs; Polygon, Solana and Flow will be integrated at a later date, the post confirmed.
Instagram’s entry into the NFT space is not surprising. Adam Mosseri, the head of Instagram, said in December that the social media platform was “actively exploring NFTs” without revealing any further plans.
In January, the Financial Times reported that the photo-sharing app had begun testing its NFT showcasing feature internally. The addition of NFTs was the responsibility of David Marcus, who left Facebook’s blockchain unit in December. In addition, there are reports that Facebook is developing a marketplace for NFTs.
Okcoin NFT Marketplace
As Finance Magnates reported in April, the cryptocurrency platform Okcoin launched an NFT marketplace with no transaction fees for retail investors. Hong Fang, the CEO of Okcoin, and Serena Williams made the announcement at the eMerge Americas conference.
The OKCoin NFT marketplace will be the first regulated platform to enable the creation and trade of NFTs on multiple blockchains without a cap on the royalties creators can charge for secondary sales of their work. A set of exclusive NFTs will also be released by the Okcoin platform as part of its launch, granting holders free crypto, NFTs and more, which will initially be available to members of the open waitlist.
