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Instagram will reportedly support NFTs from 4 major blockchains
Photo and video sharing social networking giant Instagram is reportedly going to announce the launch of a pilot to integrate blockchain-powered digital art or NFTs built on some of the most prominent blockchain networks on its platform.
Instagram to support four blockchain networks
As “learned” by media outlet CoinDesk, a Meta-owned social media platform called Instagram is all set to integrate NFTs from Ethereum, Solana, Polygon, and Flow. These blockchain networks host the majority of trading in digital collectibles, with Ethereum leading with the highest market capitalization.As per the report, the pilot program will feature a small group of American NFT fans. However, it is unclear whether or not Instagram would support NFTs from all the four mentioned blockchains at the launch time.
Instagram is also aiming to support some of the most widely used wallets like MetaMask. Users would be able to own NFTs by linking their wallets and eventually display the digital collectibles on their profiles. Instagram would also provide an option for users to tag the creator of the showcased NFT.
Also, the report also confirms that the platform will not charge any fees to post and share NFTs as Twitter initially did in January.
Rush to adopt NFTs
As per a recent report by Chainalysis, the NFT market has received over $34 billion in value as of May 1, 2022, which is approximately equal to the total sales in 2021.With the increasing demand among content creators, social media companies like Instagram have been rushing to integrate related features on their platforms.
In October 2021, Facebook decided to rebrand itself as Meta Platforms in support of metaverse and NFTs. Since then, a number of firms have come out in support of NFTs. Recently Reddit tested NFT profile picture verification, while YouTube allowed its creators to explore NFT features.
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