Creators and people who are part of the test can now share NFTs that they’ve made or that they’ve bought. You can share these NFTs in your main Instagram Feed, Stories or in messages. Mosseri outlined that only a limited number of people have access to the Instagram test, but the company plans to roll out more functionality related to NFTs in the future once it gets feedback from its initial testing.
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.
“I want to acknowledge upfront that NFTs and blockchain technologies are all about distributing trust and distributing power,” Mosseri said in his announcement. “But Instagram is fundamentally a centralized platform, so there’s a tension there. So one of the reasons why we’re starting small is we want to make sure that we can learn from the community. We want to make sure that we work out how to embrace those tenets of distributed trust and distributed power, despite the fact that we are, yes, a centralized platform. We do think that one of the unique opportunities we have to to make web3 technology accessible to a much broader range of people. And NFTs specifically we think will be interesting not only to creators who create NFT art, but also to people who want to collect it.”
Mosseri also noted that the creator economy is incredibly important to Instagram, but that one of the challenging things the company is looking at is how although there are currently a number of different ways for creators to make money, a lot of them are unpredictable and changing rapidly. Mosseri said this new launch will create an interesting opportunity for a subset of creators.
Voica went on to note that Meta is starting with NFTs because they are an important aspect of the economic potential of the metaverse, but that they are just one example of the technologies that the company is exploring. Voica said that Meta is exploring a wide range of web3 technology because the company believes these technologies will reduce costs, expand access and accelerate innovation for creators and people around the world.