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Meta’s Instagram is testing NFTs as Facebook plans to follow suit soon, Zuckerburg says

Speaking to Web3 entrepreneur Tom Bilyeu, Meta CEO Mark Zuckerberg revealed that Instagram has started NFTs to test. One of Meta’s other platforms, Facebook, will soon adopt similar functionalities. Augmented Reality NFTs are powered by the Spark AR-Bringed the company’s technology to Instagram Stories, allowing users to project digital art into physical spaces, Zuckerberg added.

Instagram includes NFTs on its platform

In a video post Monday, Instagram CEO Adam Mosser confirmed that a select group of US-based users can use the NFT features in their feeds, stories and news. NFT details, referred to as “digital collectibles,” are displayed similar to starred profiles and products. Users can click on it and access information about the creator and owner.

When promoting the new functionalities, the Instagram boss also commented on the tension between large companies such as Instagram and Web3 companies that work according to the principle of decentralization.

“I want to acknowledge up front that with NFTs and Blockchaintechnologies and Web3 in a broader sense is about distributing trust and power. But Instagram is basically a centralized platform, so there are tensions there.”

Instagram will allow users to share NFTs in their main feed, stories and news by linking third-party digital wallets, including Rainbow, MetaMask and Trust Wallet – with Coinbase, Dapper and Phanton coming soon. NFTs are reportedly built on top of large blockchains such as EthereumPolygon, Solana and Flow could show up on Instagram for now as they make up the majority of the market.

The social media giant confirmed that users will not be charged for posting NFTs. The introduction of this new feature is expected to increase the general acceptance of NFTs and will quickly push crypto wallets as Instagram has more than a billion users around the world.

Zuckerberg Bullish on Web3

Although he admitted that Web3 is far from mature, Zuckerberg stated that Web3 applications will reach such a state in five years. The CEO emphasized that introducing NFTs to Instagram is a move that other meta-owned platforms will soon follow. The aim is to stimulate creators to secure a new form of expression.

In March, a Deutsche Bank report note suggested that the use of NFT technology on Instagram has the potential to revitalize and mainstream the entire market as it would simplify the process of transacting such assets and lower barriers to entry.

Source: Crypto News Deutsch

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