Instagram is adding NFT support 'for creators and people' as the once-hot market appears to be on a decline
- Instagram head Adam Mosseri revealed on Monday that NFT 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 NFTs this week, Instagram leader Adam Mosseri announced on Monday morning.
"What we're starting with this week is the ability for creators and people to share NFTs that they've made or that they've bought, either in feed or in stories or in messaging," Mosseri said. "It's a limited number of people to start."
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," according to a new report from blockchain data firm Chainalysis. "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 cost nearly $3 million in March 2021, but it has been unable to reach $25,000 at auction just 13 months later.
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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