Instagram chief Adam Mosseri announced Monday that it would start testing NFTs with select U, S. creators this week with no fees associated with posting or sharing the digital collectibles.
The move is part of Instagram’s broader effort help creators earn money.
At launch, supported blockchains will be Ethereum and Polygon with Flow and Solana added soon. Compatible third-party wallets will include Rainbow, Trust Wallet and MetaMask, according to TechCrunch
From Mosseri’s announcement video
“I want to acknowledge upfront that NFTs and blockchain technologies are all about distributing trust. distributing power. 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 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.”
Bruce Houghton is Founder and Editor of Hypebot and MusicThinkTank and serves as a Senior Advisor to Bandsintown which acquired both publications in 2019. He is the Founder and President of the Skyline Artists Agency and a professor for the Berklee College Of Music.
