Instagram is making a foray into the world of NFTs. This digital form of art creation and collection has been making waves in recent years—and not always for the right reasons. But, it seems, whether you like it or not, NFTs will be a part of the digital landscape for the foreseeable future.
Need a refresher on NFTs? Read this handy explainer from our pals at PopSci.
The launch of ‘Digital Collectibles’
The company is testing a suite of features, which it calls “Digital Collectibles.” Select creators and buyers are able to showcase their artwork via three new developments. The first is the ability to connect one’s account to a digital wallet, by which the artist or collector can access works to share on the platform.
The second is the presentation of the NFT. When shared, the NFT takes on a “shimmer” effect and displays any public information pertaining to it, including the artist’s description. Lastly, Instagram uses automatic tagging to efficiently identify the artists and the collector. However, this detail depends on the privacy settings of both parties.
How it works
To create the Digital Collectibles features, Meta sourced public data from open blockchains. As a result, the platform is able to identify creators and owners when they connect their third-party wallet to the platform.
Currently, Instagram supports the Ethereum and Polygon blockchains, with plans to eventually add Flow and Solana. Similarly, Rainbow, MetaMask, and Trust Wallet are compatible third-party wallets, with Coinbase, Dapper, and Phantom in the works.
To offset the environmental impact associated with the technology, Meta plans on purchasing renewable energy. The company also plans to bring the feature to Facebook soon.