Instagram plans to integrate non-fungible tokens (NFTs) from leading platforms such as Solana, Ethereum Flow, and Polygon. On Monday, the social networking site is set to reveal a pilot program.
According to the source, the site would target a small group of NFT fans in the United States. Whether Instagram will support NFTs from all networks during the experiment is unknown. Users will not be charged for showing their NFTs on the platform.
The pilot comes nearly two months after Mark Zuckerberg revealed that Instagram would support NFTs.
Zuckerberg told Daymon John of Shark Tank at the South by Southwest conference in Austin, Texas, that Meta is "working on introducing NFTs to Instagram in the near term."
Instagram has also announced that popular crypto wallets like MetaMask will be supported.
This will be important since users will need to connect their wallets to the site before they can show and prove ownership of NFTs on their profile. They'll also be able to tag the NFTs' creators.
Instagram's parent company, Meta, has also unveiled other ideas involving blockchain technology. Last year, the company's choice to rename from Facebook to Meta piqued corporate interest in the metaverse.
According to rumours, Facebook is planning to offer minting and group membership later this year. Meta is also said to be working on a virtual currency called Zuck Bucks.
However, its crypto-related developments aren't the only reason it's been making headlines lately. Meta is also being sued for trademark infringement and failing to deal with cryptocurrency scammers on its platforms.