NFTs to Instagram: Too Little, Too Late?
Instagram (MVRS) – Get Meta Report is following in Twitter’s (TWTR) – Get Twitter, Inc. Report footsteps and is testing NFTs on the platform, and teased that Facebook will be getting them soon, too.
For now, Instagram’s head Adam Mosseri said that the NFT ability will be tested on a small group of U.S. users. The NFTs displayed will become part of the users profile and will show the creator and owner when clicked on. The platform will support NFTs minted on Ethereum and Polygon to start but will eventually support Solana and Flow, according toThe Verge.
Ross Mac of Maconomics pondered why now was the time for Instagram to finally feature NFTs in the latest episode of the Crypto Minute on TheStreet.
Full Video Transcript Below:
It’s your boy Ross Mac and this is what cryptocurrency investors are watching on Tuesday, May 10.
Instagram is following in Twitter’s footsteps and is testing NFTs on the platform, and teased that Facebook will be getting them soon, too. For now, Instagram’s head Adam Mosseri said that the NFT ability will be tested on a small group of U.S. users for now. The NFTs displayed will become part of the users profile and will show the creator and owner when clicked on.
For now, the platform will support NFTs minted on Ethereum and Polygon and will roll out Solana and Flow per The Verge. Mosseri pointed out that there’s a tension between Instagram–a centralized platform–and Web3, NFTs and blockchain tech due to the decentralized nature.
However, with Instagram parent company Meta focusing on expanding and evolving the Metaverse, perhaps this is the first step to establishing a relationship and later trust between the entities.
It’s your boy Ross Mac and that was the Crypto Minute on TheStreet.
TheStreet’s Crypto Minute is brought to you by Blockchain.com.
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