Instagram to support NFTs from 4 blockchain networks

Temitope Akintade
•Instagram is reportedly ready to launch a feature that will allow users to display non-fungible tokens | • The popular photo-sharing app will allow displaying NFTs issued on Ethereum, Polygon, Solana, and Flow free of charge

According to a report by Coindesk, Instagram is planning to integrate non-fungible tokens (NFTs) from Blockchains like Solana, Ethereum, Flow and Polygon. The photo-sharing platform is expected to make the announcement this week. 

Per the report, Instagram will focus on a select group of NFT enthusiasts in the US but it is not clear at the moment if it will support NFTs from all networks. The social media giant also will not be charging users for displaying NFTs.

Instagram will support crypto wallets like MetaMask. This would enable users connect their wallets to IG and display the digital artworks on their profiles. Instagram users would also be able to prove ownership and tag NFTs creators. 

Instagram previously announced

This is coming almost a couple of months after Technext reported the South by Southwest Conference in Austin, Texas, where Mark Zuckerberg, the CEO of Meta – the parent company of Instagram – announced that Instagram would add NFTs.

He told Daymon John of Shark Tank that Meta is “working on bringing NFTs to Instagram in the near term.”

At the moment, Twitter, Reddit and YouTube are the major social media platforms that have integrated NFTs.

Instagram has around one billion monthly active users and the proposed integration will bring NFT adoption and growth to a whole new level. 

Growth of NFTs

Integration of NFTs by major world companies is expected to increase the adoption and boost the number of people who have access to it. 

NFT has been on a wild growth since 2021, and there’s a 2025 projection that it will become mainstream. Several reports from various organisations have hinted at the market’s continued growth.

A BeinCrypto report last week disclosed that sales in the industry remain strong despite claims to the contrary by certain media reports. According to the report, the decline of NFTs was immensely exaggerated.

Instagram moves to support Ethereum, Solana and others

A recent Nansen report stated that the NFT sector had outperformed the broader crypto market on the year-to-date metric. The blockchain analytic firm also predicted that the valuation of NFTs could rise to as high as $80 billion from its current $3 billion valuation by 2025.

Growth of GameFi, continued adoption/integration by major companies, celebrities’ endorsement, works of mainstream influencers, demand for digital artworks, newer use cases in fashion, retail, and supply chain management would definitely push the NFT space to greater heights.

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