Mark Zuckerberg says Instagram will start testing NFTs this week


Meta CEO Mark Zuckerberg has announced that Instagram will begin testing non-fungible (NFT) tokens on the social network this week.

An NFT is a unique digital token encrypted with an artist’s signature, which verifies its ownership and authenticity and is permanently attached to the piece.

Most NFTs include some kind of digital art, such as photos, videos, GIFs, or music, although theoretically anything digital could become an NFT.

“This week we started testing digital collectibles on Instagram so that creators and collectors can display their NFTs on their profile,” Zuckerberg said in an update on his Facebook profile.

“Similar functionality will soon come to Facebook, along with augmented reality NFTs in Instagram Stories via Spark AR so you can place digital art in physical spaces.”

NFT details are displayed on Instagram in a similar way to profiles and tagged products, and are called “digital collectibles.” Clicking on the label will display details such as the name of the creator and owner

Mark Zuckerberg has announced that Instagram will begin testing non-fungible tokens (NFTs), with similar functionality coming to Facebook soon.

Mark Zuckerberg has announced that Instagram will begin testing non-fungible tokens (NFTs), with similar functionality coming to Facebook soon.

What are NFTs?

What is an NFT?

A non-fungible token (NFT) is a unique digital token encrypted with an artist’s signature that verifies its ownership and authenticity and is permanently attached to the piece.

What do they look like?

Most NFTs include some form of digital art, such as photos, videos, GIFs, and music. Theoretically, anything digital could become an NFT.

Where do you buy them?

At the moment, NFTs are most commonly sold in so-called “drops”, timed online sales by blockchain-supported markets such as Nifty Gateway, Opensea and Rarible.

Why do you want to have one?

There are a number of reasons why someone might want to buy an NFT. For some, the reason may be emotional value, because NFTs are seen as collector’s items. For others, it is seen as an investment opportunity similar to cryptocurrencies, because the value could increase.

When were the NFTs created?

Writer and podcaster Andrew Steinwold traced the origins of NFTs to 2012, with the creation of the Colored Coins cryptocurrency. But the NFT did not enter the mainstream until five years later, when the blockchain game CryptoKitties began selling virtual cats in 2017.

Instagram boss Adam Mosseri confirmed today in a video that a “handful of American creators and collectors” will have the ability to display NFT in their feed, stories and posts.

“Right now there are several different ways for creators to make money, but many of them are unpredictable and change quickly,” he said.

“We think a really interesting opportunity for a subset of creators is NFT: the idea of ​​owning a unique digital element.”

NFT details are displayed on Instagram in a similar way to profiles and tagged products, and are called “digital collectibles.”

Clicking on the label will display details such as the name of the creator and owner.

Mosseri said there would be no fee associated with posting or sharing a digital collectible on Instagram.

“I want to acknowledge in advance that NFT and blockchain technologies, and Web3 in general, are trying to distribute trust, distribute power. But Instagram is fundamentally a centralized platform, so there’s a tension,” Mosseri said.

“So one of the reasons we started small is that we want to make sure we can learn from the community.

“We want to make sure we work on how to adopt those principles of distributed trust and distributed power, even though we are, yes, a centralized platform.

“We believe that one of the unique opportunities we have is to make Web3 technologies accessible to a much wider range of people.

“And specifically NFTs we think will be interesting not only for creators who create NFT art, but also for people who want to collect it.”

NFTs are often sold in so-called “drops”: timed online sales in blockchain-supported markets.

According to a CoinDesk report over the weekend, the company said compatible third-party portfolios will be MetaMask, Rainbow and TrustWallet.

Instagram will initially support Ethereum-based NFTs, with additions for Polygon, Solana and Flow that will be added at a later date, the post confirmed.

Instagram boss Adam Mosseri confirmed today in a video that one

Instagram boss Adam Mosseri confirmed today in a video that a “handful of American creators and collectors” will have the ability to display NFT in their feed, stories and posts.

Mosseri stressed that NFT support on Instagram could help introduce the technology to a wider range of people.

“We believe one of the unique opportunities we have is to make Web3 technologies accessible to a much wider range of people,” he said.

“And specifically NFTs we think will be interesting not only for creators who create NFT art, but also for people who want to collect it.”

Instagram is not the first social media platform to introduce NFT.

Twitter introduced them to the platform in January as hexagon-shaped profile pictures. An icon in the corner of NFT Instagram posts also appears as a hexagon.

While businesses and celebrities have rushed to bet on NFTs, a report from The Wall Street Journal last week said sales have been down since last September’s peak.

Meta is testing new tools that will allow ‘Horizon Worlds’ creators to make money on metaverse

Facebook owner Meta has begun testing new tools that will allow creators to sell digital assets within their Horizon Worlds virtual reality social platform.

These could include adjustable accessories for a fashion world, for example, or paid access to a new part of a world.

The new tools will initially be available to selected users of the company’s immersive platform, accessible via VR headsets.

Meta said such tools are a key step in their long-term vision of the “metaverse” where creators can make a living and people can buy goods, services and digital experiences.

However, the company has confirmed that it will charge creators fees of up to 47.5 percent for selling its virtual products in its metaverse, much more than Apple charges developers in its App Store.



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