Instagram will begin testing the implementation of non-fungible tokens (NFTs) on feeds to help support creators in the digital space. A limited number of artists will be able to share the digital collectibles on the social media platform with no associated fees for posting.
Like some other leading social media apps like TikTok and YouTube, a growing number of content creators share their work on Instagram and use it as their primary tool to reach their audience. The following they bring is an important market for the platform.
One of the challenges for Instagram is to support these creators so that they can make a living out of their content. With the rise of NFTs and given the nature of the product, the platform can implement features that help digital artists promote their work.
Creators and NFT owners will be able to post their assets on their feed, story, or send it through a message. As of now, only NFTs minted on the Ethereum and Polygon blockchains will be supported, but Flow and Solana are expected to follow soon.
The initial trial of the project will only be available for a limited number of American creators.
There are a couple reasons for Instagram to want to start things on a small scale. It wants to ensure that it is listening and implementing the community’s feedback as the project moves along. Additionally, there have been a large number of costly technical hitches with NFT launches, even by experienced players.
Instagram CEO Adam Mosseri acknowledged on Twitter that it’s a centralized platform implementing a decentralized feature. From a business perspective, the revenues go to the NFT creator and the NFT issuance platform. It remains to be seen whether Instagram will be the issuance platform or will support NFTs minted elsewhere.
Meanwhile, Twitter has been supporting profile pictures as NFTs since January and YouTube is also exploring how it can implement NFTs for creators on its platform.