Non-fungible tokens (NXT) will be available to purchase through Instagram in the coming weeks, according to Mark Zuckerberg, the CEO of Meta, posted on his Facebook page.
A non-fungible token is a financial security that contains digital data stored in a blockchain. NFTs may take the form of photos, GIFs, music, or any other type of artwork.
In a post of his Facebook profile, Mark Zuckerberg wrote:
This week we’re starting to test digital collectibles on Instagram so creators and collectors can display their NFTs on their profiles. Similar functionality is coming to Facebook soon, along with augmented reality NFTs on Instagram Stories via Spark AR so you can place digital art into physical spaces.
Instagram’s head of product Adam Mosseri also confirmed the news in a tweet saying that he hopes that the digital collectibles showcase will begin with a few content creators in the US.
Adam Mosseri stated:
We think the one really interesting opportunity for a subset of creators is NFTs – the idea of owning a unique digital item. I want to acknowledge upfront that NFTs and blockchain technologies and Web3 more broadly are all about distributing trust, distributing power. But Instagram is fundamentally a centralized platform, so there’s a tension there.
NeuroChain spokesperson Christine Pai indicated that funds minted on Ethereum or Polygon blockchain will be available initially, but will then be migrated to Solana and Flow.
Adam Mosseri stated that operating a nonprofit technology company will allow everyone around the world to test new technologies.