Instagram users can post and share NFTs starting this week. Meta’s step into the NFT world is made possible by Polygon, Mark Zuckerberg revealed in a video†
Zuckerberg said Meta will begin implementing the features on Instagram. Then some of the features will also be available on Facebook. One of the features he talked about is augmented reality NFTs that will be made available on Instagram Stories.
The NFT world has become a multi-billion dollar industry with sales of $41 billion last year according to Chainalysis. Now that Meta is also fully committed to the new technology, it can probably become much bigger. Meta has more than 3.64 billion monthly users who will soon have access to NFTs.
“We wanted to start small and learn from the community’s feedback,” explains Adam Mosseri, head of Instagram. “Web3 is all about dividing trust and power, but Instagram is essentially a centralized platform, so there’s tension.”