Non-fungible tokens (NFTs) may soon be coming to the social media platform Instagram. And according to Coindesk who first reported the story, the Meta-owned firm will integrate at least, 4 different blockchain networks, in order to achieve this.
The news follows after March reports that claimed Instagram was exploring ways to add support for NFTs. At the time, the CEO of Meta Inc. Mark Zuckerberg was quoted as saying, “We’re working on bringing NFTs to Instagram in the near term.”
Although, Coindesk did not name its source, this fresh report claims that Ethereum, Polygon, Solana and the Flow blockchain networks are the blockchain networks that will be supported. But, whether the launch will be supporting all NFTs from the 4 chains or not, remains to be seen.
Instagram Users Will Not Pay For The Services
Meanwhile, Instagram users will not have to pay a dime for sharing their NFTs on the platform. And it might be important to note that the pilot is limited to only a few selected U.S-based Instagram accounts. However, there’s something that the selected users will have in common, and that’s the fact that they’re all NFT enthusiasts.
Furthermore, efforts are already in place to mitigate against copyright infringement and other related stuff. To this effect, users must first add their crypto wallets such as Metamask, before they can be permitted to upload their NFT on Instagram. At least, this way, ownership of whatever NFT they’re uploading can then be proven beyond reasonable doubt.
NFTs Becoming Unpopular?
Meanwhile, despite what the likes of Instagram are doing with NFTs, the buzz around the space might be going down gradually. More so, figures don’t lie, and data show a continuous decline in the number of trades being placed on NFT marketplaces. Between January and March alone, data from CryptoSlam NFT tracker confirms that NFT sales dropped by a whopping 53%. That is, from $4.6 billion at the end of January, to $2.44 billion by March ending. Additionally, the number of unique buyers also plummeted from 9.98 lakhs in January to 6.4 lakhs by March. In fact, unique buyers for April was 3.81 lakhs. This means there is also a decrease of around 66.5% in terms of unique buyers.