Instagram headAdam Mosseri revealed on Monday thatNFT support is coming to the service.- It will be rolled out in a limited fashion this week, Mosseri said.
Instagram is rolling out support for
"What we're starting with this week is the ability for
Rather than facilitating the sale or trade of user NFTs, or non-fungible tokens, Instagram's NFT support is limited to sharing either still or moving images of a digital object — albeit with a "digital collectible" tag that, when tapped, enables the NFT owner to share more information about the object.
Still, the idea to add NFT support came from Instagram wanting to help creators "make a living doing what they love," Mosseri said.
Whether it will fulfill that goal remains to be seen, and the once-booming NFT market appears to be cooling down.
NFT sales have "leveled off," $4. "NFTs saw explosive growth in 2021, but this growth hasn't been consistent and has leveled off so far in 2022," the firm said.
Resales of some of the most well-known NFTs, including Twitter founder Jack Dorsey's first tweet, have floundered. The NFT of that tweet originally $4, but it has been $4.
Mosseri said the new NFT functionality on Instagram is rolling out on a limited basis, and the company has a lot more work to do to make NFT support more robust. Check out the intro video right here:
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