Meta has announced the beginning of a pilot initiative to connect some of the most prominent cryptocurrency art NFTs from the world’s four largest NFT blockchain hosts.
The social networking site intends to integrate with Ethereum, Solana, Flow, and Polygon, an Indian blockchain protocol startup that issues the Matic token. On Instagram and subsequently, on Facebook. Mark Zuckerberg revealed the imminent 2022 introduction of non-fungible tokens.
For the time being, the trial program is confined to a few NFT owners in the United States, and Meta was unsure whether the social media platform would accept all four blockchain technologies immediately.
Instagram intends to interface with popular NFT wallets like Metamask in an attempt to validate possession of any NFTs posted to the site. Unlike Twitter, the social media network will not charge for submitting NFTs, which charged so for hexagonal NFT profile images in January.
NFTs on Instagram will get a distinct “shimmer” appearance to distinguish them from standard photographs and photos, and they will be credited both to the collector and the original inventor.
Meta has been considering NFT integration with Instagram for some time since the company’s CEO has already mentioned it publicly.
“Meta aspires to deliver NFTs to programs in our family,” stated CEO Mark Zuckerberg. “We’re planning to test digital artifacts on Instagram, so makers and collectors may showcase their NFTs on their Instagram accounts. A similar capability is on its way to Facebook, as are augmented reality NFTs on Instagram Stories through Spark AR, allowing you to place digital art in physical settings.”
The integration of crypto art NFT on Instagram will expose the ecosystem to a completely new audience on one of the world’s main image- and video-focused social media platforms. Many Instagram users already utilize it to exhibit their artwork and acquire a following.
Polygon Studios CEO Ryan Wyatt also tweeted about the collaboration, writing, in part, “We’re happy to announce that Meta is teaming with Polygon as they begin their push into Web3.”
However, several experts were dissatisfied with Meta’s venture into NFTs. “While NFTs are decentralized and have the associated benefits of being tamper-proof and accessible,” said Hugo Feiler, CEO and co-founder of blockchain network Minima, “it appears that Meta’s approach to integrating NFTs on multiple networks is another indication of them not genuinely understanding the purpose of the underlying technology.”
Author: To The Verge Team
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