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Instagram Introduces Digital Collectibles Launches Test For NFT Display Options 

author image Written by: Rabije Gashi Corluka           Categories - In The News

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.

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.
Read More: Facebook Launches New NFT Display Options
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.

Read More: Meta Introducing New Monetization Tools For Creators
Photo Source: Instagram Official Blog

Eventually, Instagram plans to integrate bidding into the process as well.

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.

Tags - In The News, Blockchain, Instagram, NFT

Rabije Gashi Corluka

Rabije always enjoyed finding different angles to a story, so it’s not surprising her curiosity influenced a move to a new continent, widening her perspective. She enjoys hearing people's stories and learning about different cultures and places - but most of all, she loves putting her thoughts on a piece of paper. Her love for writing led to her studying Journalism and PR, but she actually became a storyteller during her radio-hosting era. Now, she uses her skills, experience, and love for writing to help your brand stand out.

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Facebook Launches New NFT Display Options

 07/05/2022

The NFT hype is not going away anytime soon, and Meta is here to prove it. After launching NFT support on Instagram in May, Meta is launching digital collectibles support on Facebook, too. Just recently, Meta Product Manager Navdeep Singh tweeted about the launch of the new NFT display options on Facebook.

According to the screenshots he published, users can post NFTs on their timelines.  Just like within Instagram, you will be able to see the owner of the artwork, the artist behind it and a brief description of the piece.

Read More: Instagram Introduces Digital Collectibles
Photo Source: Twitter.com

How Will It Work?

Users will now be able to create custom NFT posts with a ‘Digital Collectible’ tag, and profiles will have a new section where they can show off their NFT art. Meta said that posting and sharing a digital collectible will be free of charge. However, converting digital collectible posts into ads is not allowed – yet.

The new feature is not available for all users. As was the case with Instagram in May, Facebook is starting the feature by offering it to a select group of creators in the US with a plan to expand to other regions.

Read More: Facebook’s Home Tab WIll Be A Discovery Engine

Security

Facebook will offer support for Ethereum, Polygon, and all major exchanges by using the NFT details on the public blockchain. Also, NFT owners will be able to confirm their ownership by connecting their Rainbow, Trust Wallet, and MetaMask accounts.

The company also says it’s aware of the sustainability concerns connected to NFTs. To handle that, they’ve purchased renewable energy that should reduce the emissions impact associated with digital collectibles, TechCrunch reports.

Read More: Meta Introducing New Monetization Tools For Creators

Even though the NFT sales are in a 92% decline, Meta still sees the potential of the NFT market, especially when it comes to the future of metaverse and the representation of social status it comes with.

As Social Media Today noted, it seems like Meta wants to facilitate the sale of virtual items in its apps which is why it’s experimenting so much with an NFT marketplace.

Take a look at a Twitter discussion:

Read More: Facebook Introduces Community Chats
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