Instagram to integrate NFTs from four top blockchains

Photo and video-sharing social networking service Instagram has announced that it will be integrating Non-Fungible Tokens (NFTs) on its platform. NFTs mainly on Ethereum, Solana, Polygon and Flow will be integrated into the platform with over 800 million users. 

Although there is no plan released for the integration yet, Instagram will let a limited number of U.S users display their NFTs for free at the initial stage. To this end, the platform owned by Meta formerly known as Facebook will be supporting the Metamask wallet which will allow users to prove ownership of NFTs they display on their profiles at no cost to them.

NFTs becoming popular

The NFT industry is growing exponentially and everyone wants to get a piece of it now. So far, individual artists and even corporate organisations have flocked to the industry, so indeed a platform like Instagram is unsurprisingly coming on board at this time. Thanks to the Metaverse idea, NFTs are now an industry worth billions of dollars and continue to expand. 

Integrating NFTs will definitely give the industry a wider reach as it exposes Instagram’s at least 800 million users worldwide to the industry. The result could be a new wave of growth that will possibly attract even more participation.

Social media facilitating web3 adoption

As web3 is still looking for a balance on the internet, social media platforms are likely to play a critical role in ensuring that it succeeds. Instagram is embracing NFTs and contributing towards this in that regard.

Telegram also recently enabled instant, fee-less crypto transfer on its platform between users. The transfer eliminates the need for long wallet addresses, making the process more appealing to those who have never used crypto before. 

Though it is only for the transfer of TON tokens, for now, it could be the groundwork for more hassle-free cryptocurrency transfers which can greatly encourage participation in web3.

Don't forget to follow us @cryptonezo to stay updated with the latest blockchain and cryptocurrency news.