Instagram Starts Testing NFTs this Week

Instagram is testing NFTs also known as non-fungible tokens starting this week, CEO Mark Zuckerberg announced as the global NFT market sees a downturn. Meta CEO also confirmed that the company is testing NFTs on Instagram and the same functionality will be soon available on Facebook as well.

In the video, Instagram CEO Adam Mosseri states that a small group of US users can view NFTs in feeds, stories, and messages. Click the digital collectibles tag to see details such as the author's name and NFT owner.

Instagram CEO Adam Mosseri said, “This week we’re starting 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 on sharing digital collectibles on Instagram.”

He further said in the video, “I want to acknowledge upfront that NFTs and blockchain technologies and web3 more broadly are all about distributing trust, distributing power.”

Instagram's push for NFTs took place when non-fungible token (NFT) sales fell significantly by 92% from September last year, as shown by data from the popular website NonFungible.