The world is expanding, and DraftKings is expanding along with it. As NFTs continue to grow, these daily articles will serve as a hub for the latest news and notes in the space.
Instagram to Begin Testing NFTs
Head of Instagram Adam Mosseri announced on May 9 that the social media platform will begin to integrate NFTs. The company plans to do so by giving a handful of creators the ability to showcase their digital tokens, as described in Mosseri’s tweet below:
NFTs on Instagram— Adam Mosseri (@mosseri) May 9, 2022
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! ✌ pic.twitter.com/VuJbMVSBDr
Meta CEO Mark Zuckerberg confirmed the plans to test NFTs on Instagram in a Facebook post.
Mosseri stated in his video that a small group of US users will be able to display NFTs on their feed, stories and through direct messages. Details for each collectible will be available through an expandable tagging system which Instagram utilizes.
“I want to acknowledge upfront that NFTs and blockchain technologies are all about distributing trust and distributing power,” Mosseri said, also acknowledging the tension between centralized platforms and Web3.
Ethereum, Polygon, Solana, and Flow NFTs will be supported on the platform, according to a CoinDesk report.
This is not the first time a major social media platform has dipped its toes into the metaverse. In January, Twitter launched an NFT profile picture campaign.
Stay tuned for more updates as Instagram continues its metaverse expansion.
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