On Monday Mark Zuckerberg announced that Instagram, which was purchased by Meta some time ago, will be testing NFTs (non-fungible tokens) in combination with the photo sharing app.
Reports state that through its Spark AR software Meta is developing 3D augment relaity NFTs. These will be fully compatible with Instagram stories. The platform will initially support Ethereum NFTs; some time in the future Solana, Flow, and Polygon will be integrated.
As of now, third party wallets through which users can direct their transactions are Rainbow, TrustWallet, and MetaMask.
The head of Meta, Zuckerberg, commented that NFTs are not just for their metaverse. Reality Labs will “work but also across our family of apps. We’re going to bring similar functionality to Facebook soon,” More details on this are expected sometime in the near future.
The Financial Times had reported, earlier this year, that Instagram had already begun internal testing its NFT capabilities. It has been reported that the main brain behind the idea was David Marcus, who first though of binding NFTs with Instagram.
However, it was Adam Mosseri, who currently heads Instagram, that revealed last December of his firm’s NFT ventures, hinting at what was about to happen on Monday.
Currently Facebook is in the process of developing an NFTs marketplace, but the news on this is kept on the down low.
