NFT on Instagram | What they are and how they work

NFT on Instagram | What they are and how they work

In recent months, NFTs (Non-Fungible Tokens) have taken the lead in the world of information technology and cryptocurrencies, and to date the rise of these new digital products seems to show no setback. But what are NFTs?

With NFT, literally “non-fungible digital token” (ie not copyable), we mean a digital product that is uniquely identified and created on the internet. So an NFT could easily be compared to any digital object, be it a photo or a written text. In particular, when a digital object is certified with an NFT, this is permanently marked, as if the author's signature was placed on it. All this makes the products non-fungible, that is not replicable and this is precisely the peculiarity of NFTs, or rather their uniqueness.

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To give a big boost to the development of this technology is the fact that NFTs will be the center of the metaverse of the future. We know very well that, for example, Mark Zuckerberg intends to create a real parallel digital universe through his own social networks and it will be the metaverse, thanks to NFTs and blockchain, cryptocurrencies and the developments of AI technologies, the new center for the purchase and exchange of digital objects whose authenticity will be perfectly guaranteed. The interest of illustrious fashion and sports brands that have started investing in NFTs is the definitive demonstration of the latent potential of this new technology. Just earlier this year, for example, Gucci launched an experimental online space to sell NFT, as we told you in this article.

NFT on Instagram

Over the past few days however, a further step has been taken in the world of NFTs. Last 9 May, through a tweet Adam Mosseri, the current figure in charge of Instagram, announced the start of a test phase concerning the possibility of sharing NFT on one of the most used social networks in the world. In fact, Mark Zuckerberg had revealed through a post on Facebook in the month of March of this year the start of the development of NFTs on Instagram, describing them as a tool capable of increasing the freedom of content creators, given the possibilities to share the NFTs created or purchased on Instagram via feeds, stories or messages. At the moment of course this remains an experimentation prerogative of a very limited circle of specially selected users.

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! ✌

- Adam Mosseri (@mosseri) May 9, 2022

How NFTs will work on Instagram

Image credit: Instagram The blockchains on which Instagram will rely to ensure the uniqueness of the NFTs will initially be those of Ethereum and Polygon, with the arrival already announced later of Flow and Solana , thus ensuring the ability to purchase content with a wide variety of cryptocurrencies. As for creators and collectors, in the first phase they will be able to purchase tokens through the Rainbow, MetaMask and Trust Wallet wallets, which will later be joined by the Coinbase, Dapper and Phantom wallets.

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