Mark Zuckerberg says Instagram will begin testing NFTs this week

A half CEO Mark Zuckerberg he announced it Instagram will begin testing non-fungible tokens (NFTs) 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 sort of digital graphics, such as photos, videos, GIFs, or music, although, in theory, anything digital could be made into an NFT.

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

“Similar features will be coming to Facebook soon, along with NFT in augmented reality on 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 tagged profiles and products and are named

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

Mark Zuckerberg 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 the signature of an artist and which verifies its ownership and authenticity and is permanently attached to the piece.

How am I physically?

Most NFTs include some sort of digital graphics, such as photos, videos, GIFs, and music. In theory, anything digital could be turned into an NFT.

Where do you buy them?

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

Why would I want one?

There are a number of reasons why someone might want to purchase an NFT. For some, the reason may be emotional value, because NFTs are seen as collectibles. For others, they are seen as an investment opportunity similar to cryptocurrencies, as the value may rise.

When were NFTs created?

Writer and podcaster Andrea Steinwold traced the origins of NFTs to 2012, with the creation of the Colored Coins cryptocurrency. But NFTs didn’t enter the mainstream until five years later, when the blockchain game CryptoKitties started selling virtual cats in 2017.

Instagram chief Adam Mosseri confirmed in a video today that a “handful of US creators and collectors” will have the ability to view NFTs on their feeds, stories and in messages.

“There are several ways creators can make money right now, but many of them are unpredictable and change rapidly,” he said.

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

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

Clicking on the tag will show details such as the name of the creator and owner.

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

“I want to acknowledge in advance that NFT and blockchain technologies – and Web3 more broadly – are about distributing trust, distributing power. But Instagram is basically a centralized platform, so there’s a tension there,” Mosseri said.

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

“We want to make sure we understand how to embrace those principles of distributed trust and distributed power, despite the fact that we are, yes, a centralized platform.

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

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

NFTs are most commonly sold in so-called “drop”, timed online sales by blockchain-supported markets.

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

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

Instagram boss Adam Mosseri confirmed today in a video that one

Instagram chief Adam Mosseri confirmed in a video today that a “handful of US creators and collectors” will have the ability to view NFTs on their feeds, stories and in messages.

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

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

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

Instagram isn’t the first social media platform to introduce NFTs.

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

Although businesses and celebrities were quick to jump on NFTs, however, a report in the Wall Street Journal last week said sales have fallen from last September’s peak.

Meta is testing new tools that will allow the creators of “Horizon Worlds” to make money in the metaverse

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

These could include attachable 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 select users of the company’s immersive platform, accessible via VR viewers.

Meta said these types of tools are a critical step towards its long-term vision for the “metaverse” where creators can earn a living and people can purchase digital goods, services and experiences.

However, the company has confirmed that it will charge creators up to 47.5% commissions for selling their virtual products in its metaverse, far more than Apple charges developers on its App Store.