Friday, March 1

Instagram will Support for NFTs on Solana, Etherum and other Chains

Instagram will Support for NFTs on Solana, Etherum and other Chains

Blockchain art in the form of non-fungible tokens will soon be able to be shared on Instagram (NFTs). The company that runs Instagram, Meta, will connect the blockchain networks Ethereum, Polygon, Solana, and Flow to make this process easier, according to the story. People have to add their cryptocurrency wallets, like Metamask, and show proof that they own them before they can show their NFT on the website link.

During the test launch, users won’t have to pay anything to post or share NFTs. The first profile pictures on Twitter, which came out in January, were hexagons. No longer is it clear if Instagram will accept NFT from all four chains at first.The report says that only a small number of NFT fans in the United States will be able to use Instagram’s new feature.

At the beginning of March, Mark Zuckerberg, the CEO of Meta Inc., said that Instagram is thinking about adding NFTs. During a Southwest event, Zuckerberg said, “We’re working on adding NFTs to Instagram right now.” Engadget later wrote an article that broke down what Zuckerberg had said.

Meta, which runs a popular social networking site, is thinking about adding NFTs for Ethereum, Polygon, Solana, and Flow.Most deals for digital collectibles happen on these networks. In terms of market capitalization, Ethereum and its Bored Apes are now in the lead. Check what coins are about to explode here Bitcoin smart. 

The pilot will only be of interest to a limited percentage of NFT fans in the United States. Even yet, it’s not yet known whether the launch will support all four NFTs.

When a user connects their wallets, they can show that they own NFTs, put them on their profiles, and give credit to the people who made them.

In March, at the South by Southwest (SXSW) conference in Austin, Texas, Mark Zuckerberg told entrepreneur Daymond John that Instagram would soon have NFTs. But he still hadn’t said anything.

People think this will make it easier for people to use the technology, which will lead to more people using NFT. Twitter is the only social networking site that fully supports NFTs right now.

The new goal for Meta is to open the Meta Store, which will be the first real-world location for the company. Meta’s new building in Burlingame, California, is now open to the public.

Last month, Meta announced that it will make its own virtual currency, which will be called “Zuck Bucks.” This was part of Meta’s plan to make lots of different virtual items to make more money and get old customers to come back. Meta wants to make a lot of virtual things, so she has these plans.

In December of the year before, Adam Mosseri, the CEO of Instagram, said that his social network was “actively exploring” NFTs. Mosseri was asked how he felt about adding NFTs to Instagram during an Instagram Q&A that was shown on his Stories. He was answering a question about NFTs .

As for the time being, he stated, “We don’t have anything to announce, but we are looking into NFTs and how to make them more user-friendly.There is nothing to say right now. Before that, in October, it was said that Zuckerberg had said that people should be able to own “digital products or non-fungible tokens” in the metaverse.

In the last few months, a number of well-known online marketplaces have used network effects tokens (NFTs). Dune Analytics says that non-traditional trading vehicles (NFTs) make $4 billion in sales each month, which is more than any other type of trading vehicle has ever made. 

OpenSea’s monthly transactions of Ether (ETH) are now over $3.5 billion, which is a new record. In January, $169 million worth of business was done on OpenSea every day.

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