Instagram’s parent company, Meta, announced Wednesday that it will begin testing NFTs on Instagram Stories using the augmented reality platform Spark AR.
CEO Mark Zuckerberg said of the news, “We’re expanding our testing so more creators around the world can view their NFTs on Instagram.” The company also stated in an announcement, “Creators and digital collectibles will be able to share their digital holdings across Facebook and Instagram after we begin rolling out the feature on Facebook with select US creators at a later time.”
Zuckerberg also confirmed that Facebook is designed to support NFTs in the future:
“We will be bringing this feature to Facebook soon as well – starting with a small group of creators in the US – so people can cross-post to Instagram and Facebook. We will also be testing NFTs in Instagram Stories with SparkAR soon.”
In May, Meta released Digital Collectibles that the company described as “a whole new way for consumers and creators to share NFTs on Instagram.”
Earlier this week, Meta also announced that it would be joining forces with other tech companies to create the Metaverse Standards Authority. The group intends to build the next version of the web and develop a common ethos for Web3 and Metaverse. Some of the companies that have joined the initiative include Adobe, Epic Games, Microsoft, Nvidia, and Qualcomm; Apple was noticeably missing from the packaging.
Meta isn’t the only company looking to integrate NFTs. Social media rival Twitter has followed suit, bringing NFTs back to its platform back in January. Twitter’s NFT support allowed users to link Ethereum-based wallets to their accounts and display their NFT art as profile pictures. eBay recently acquired the Ethereum-based NFT marketplace KnownOrigin, expanding its entry into Web3. Even existing DeFi companies like Uniswap have started making strides into the NFT and metaverse markets with their recent acquisition of the NFT Genie pool.