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Mark Zuckerberg says Instagram will start testing NFTs this week

Meta CEO Mark Zuckerberg has announced that Instagram will begin testing fungal tokens (NFTs) on the social network this week.

An NFT is an exclusive digital token encrypted with an artist’s signature that verifies its ownership and authenticity and is permanently attached to the piece.

Unlike similar technologies like Bitcoin, each NFT is somehow unique. This means that they can be applied to more than just currency-style uses.

In recent years, NFTs have been embraced by people who want to turn art, music, video, and gaming into digital assets. – although, in theory, anything digital can be converted to NFT.

“We started testing digital collections on Instagram this week to show creators and collectors their NFTs on their profile,” Zuckerberg said in an update to his Facebook profile.

“Similar functionality will be coming to Facebook soon, and with Spark AR you will be able to augment the reality of Instagram Stories with NFT so you can put digital art in physical spaces.”

NFT details are displayed similar to profiles and products tagged on Instagram, and are called “digital collections.” Clicking on the label will bring up details like the name of the creator and owner

Mark Zuckerberg has announced that Instagram will begin testing non-fungal tokens (NFTs) and will soon have similar functionality to Facebook.

Mark Zuckerberg has announced that Instagram will begin testing non-fungal tokens (NFTs) and will soon have similar functionality to Facebook.

What are NFTs?

What is an NFT?

Non-Fungible Token (NFT) is a unique digital token encrypted with the signature of an artist that verifies its ownership and authenticity and is permanently attached to the piece.

How are they?

Most NFTs contain some type of digital artwork, such as photos, videos, GIFs, and music. In theory, anything digital could be converted to NFT.

Where do you buy them?

At the moment, NFTs are mostly sold in so-called “drops” in blockchain-protected markets, such as Nifty Gateway, Opensea, and Rarible.

Why would I want to own one?

There are many reasons why someone might want to buy an NFT. For some, the reason may be emotional value, as NFTs are seen as an element of the collection. For others, they are seen as an investment option similar to cryptocurrency because it can increase value.

When were NFTs created?

Writer and podcaster Andrew Steinwold traced the origins of NFT to 2012, creating Colored Coins cryptocurrency. But NFTs didn’t make it into the mainstream until five years later, when the CryptoKitties blockchain game started selling virtual cats in 2017.

Adam Mosseri, head of Instagram, confirmed in a video today that “few U.S. creators and collectors” will have the ability to show NFT in their feed, stories, and posts.

“Right now there are many ways for creators to make money, but a lot of them are unpredictable and change quickly,” he said.

“We think NFTs are a really interesting option for a subset of creators, the idea of ​​owning a single digital element.”

NFT details are displayed similar to profiles and products tagged on Instagram, and are called “digital collections.”

Clicking on the label will bring up details like the name of the creator and owner.

Mosseri said there would be no fee for posting or sharing a digital collection on Instagram.

However, he acknowledged the inherent tension between big companies like Instagram and the decentralized ethos of ‘Web3’, which includes NFT, blockchain, cryptocurrency, metaberse and other emerging technologies.

“I want to acknowledge that NFT and blockchain technologies – and Web3, more broadly – are about sharing trust, about sharing power. But Instagram is basically a centralized platform, so the tension is there,” Mosseri said.

“So one of the reasons we start small is that we want to make sure we can learn from the community.

“We want to make sure that we embrace these principles of distributed trust and distributed power, even though we are a centralized platform.

“We believe that one of the great opportunities we have is to make Web3 technology available to many people.

“And we think NFTs will be especially interesting not only for creators who create NFT art, but also for those who want to bring it together.”

NFTs are mostly sold in so-called “drops,” while blockchain-protected markets have online sales time.

Instagram initially supports NFTs based on Ethereum and Polygon blockchains, with Solana and Flow integrations being added later.

According to a report by CoinDesk over the weekend, the compatible third-party wallets will be MetaMask, Rainbow and TrustWallet.

Adam Mosseri, the head of Instagram, confirmed this in a video today

Adam Mosseri, head of Instagram, confirmed in a video today that “few U.S. creators and collectors” will have the ability to show NFT in their feed, stories, and posts.

Mosseri stressed that the support of NFT on Instagram can help bring technology into the reach of many people.

“We believe one of the unique opportunities we have is to make Web3 technology available to many people,” he said.

“And we think NFTs will be especially interesting not only for creators who create NFT art, but also for those who want to bring it together.”

Instagram is not the first social media platform presented by NFT.

Twitter introduced them to the platform in January as a hexagon-shaped profile picture. An icon in the NFT Instagram Posts corner also appears as a hexagon.

Although companies and celebrities jumped on the NFT quickly, a report in The Wall Street Journal last week said sales had blurred from a peak last September.

Meta is testing new tools that will allow the creators of ‘Horizon Worlds’ to earn money in metabersion

The owner of Meta Facebook has started testing new tools on the Horizon Worlds virtual reality social platform that will allow creators to sell digital assets.

These may include accessories for a fashion world, for example, or paid access to a new part of a world.

The new tools will be available initially to select users of the company’s immersion platform, available through VR headsets.

Meta said that these types of tools are a key step towards a long-term ‘meta-verse’ approach, where creators can make a living and people can buy digital goods, services and experiences.

However, the company has confirmed that it will charge 47.5 percent of the fees to creators for selling their virtual products in its metaverse, significantly more than Apple charges developers in its App Store.

Mark Zuckerberg says Instagram will start testing NFTs this week

Source link Mark Zuckerberg says Instagram will start testing NFTs this week

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