Instagram is on the way to introducing non-fungible tokens (NFTs) to its platform.
According to Adam Mosseri, head of Instagram, a small portion of U.S. Instagram users will have the chance to display NFTs on the social media platform this week.
NFTs on Instagram 🎉
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
— Adam Mosseri (@mosseri) May 9, 2022
The NFTs can be displayed on a user’s feed, stories, and even in messages under the name “digital collectibles” similarly to how tagged profiles and products appear.
Mosseri added that Instagram wants to test the feature before expanding to learn from the NFT community, particularly due to some hesitancy of large corporations entering the market.
“I want to acknowledge upfront that NFTs and blockchain technologies and Web3 more broadly are all about distributing trust, distributing power,” said Mosseri. “But Instagram is fundamentally a centralized platform, so there’s a tension there.”
NFTs minted on Ethereum and Polygon blockchains will be the first to be supported on Instagram, with Solana and Flow following soon after.
Mark Zuckerberg, CEO of parent company Meta, added that a similar feature would soon be coming to Facebook in the near future.