Instagram has announced that they are testing a new feature with digital collectibles that will allow users to share NFTs that they have created or bought directly from the social media app. There will be no fees associated for sharing an NFT on Instagram. Here is everything you need to know about this update!
What are NFTs?
NFTs, also known as non-fungible token are a digital asset that represents real-world objects like art, music, in-game items and videos. It is “minted” from digital objects that represent both tangible and intangible items. It is generally built using the same kind of programming like Bitcoin, Ethereum and other cryptocurrencies.
While anyone on the internet can take a look at an NFT, or even click a screenshot to save it, an NFTs allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. In simple words, NFTs are like collector’s items, but unlike physical items, they’re digital only.
How do NFTs work on Instagram?
Users will be able to share NFTs on Instagram that they have created or bought from their Digital Wallet. So, after their digital wallet is connected to Instagram, users will have the ability to choose which NFTs from their wallet they would like to share on Instagram. The NFT will be available in the post section on their profile.
While creators can share NFTs on Instagram for free, other people on Instagram will be able to buy the NFTs directly within the app itself. This will be done through in-app purchases on both iOS and Android.
As of now, Instagram is not taking a cut of the creators’ revenues. The company has also confirmed that “We’re testing these new features with a small group of creators in the US first, and hope to expand to more countries soon.”
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