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Instagrams’s NFT display options are finally getting their initial release, almost a year after they first started working on it.
Instagram chief Adam Mosseri announced that the company is holding initial testing of its new NFT features with a select group of US creators. Integrations will be offered for Ethereum and Polygon, with Flow and Solana to follow. To verify ownership, NFT owners will be able to connect their Rainbow, Trust Wallet, and MetaMask accounts. Instagram says that there will be no fees associated with posting or sharing a digital collectible on Instagram.
NFTs on Instagram 🎉 This week we’re beginning to test digital collectibles with a handful of US creators and collectors who will be able to share NFTs on Instagram. There will be no fees associated with posting or sharing a digital collectible on IG. See you next week! ✌🏼 pic.twitter.com/VuJbMVSBDr — Adam Mosseri (@mosseri) May 9, 2022
Digital Collectibles Feature
The feature includes:
Connecting a digital wallet – after connecting their wallets, creators and collectors will be able to choose which NFT from their wallet they want to share on Instagram
Sharing digital collectibles – once shared, the digital collectible will have a shimmer effect and will be able to show public information, like the description of the NFT.
Automatic tagging of both the creator and collector – if their privacy setting allows it, both creators and collectors can be automatically credited in the digital collectible post.
Photo Source: Instagram Official Blog
Users will be able to show their NFTs on the main feed, within Stories or in DMs. there will also be a new tab added, that will have a tick inside of a hexagon which will mean that the NFTs are verified. The same hexagon tick will be included on NFT images within the main post feed.
Photo Source: Instagram Official Blog
Eventually, Instagram plans to integrate bidding into the process as well.
Let’s see a short video showing the flow to place a bid for an #NFT collectible on #Instagram 👀 pic.twitter.com/o2WyYOMXBk — Alessandro Paluzzi (@alex193a) July 6, 2021
All of this seems like a great effort to keep up with the market even though the NFT trading has been declining recently. According to a recent report in The Wall Street Journal, NFT sales declined by 92% since September, while active wallets declined by 88% since November.
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