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Meta Rolls Out Digital Collectibles Test On Instagram Starting This Week

By Natalie Wu | May 10, 2022

Mark Zuckerberg, the CEO of Facebook’s parent company Meta, reportedly announced this week that the firm will begin testing digital collectibles on Instagram, a photo and video sharing network, indicating a step toward nonfungible tokens, or NFTs.

Zuckerberg said the plan to test digital treasures on Instagram was the first step toward letting artists and collectors to exhibit NFTs on other Meta-controlled applications like WhatsApp, Facebook Messenger, and Facebook in an interview with Tom Bilyeu published on Facebook on Monday. Meta was planned to “bring comparable capabilities to Facebook shortly,” according to the CEO, and was also working on “augmented reality NFTs” for Instagram.

The change appears to allow Instagram users to show NFTs as profile profiles, similar to what Twitter announced in September 2021 and then rolled out iOS support for NFT hexagonal avatars in January.

Reddit said immediately after Twitter’s NFT launch that it was testing the tokens as profile images on its platform, while OnlyFans, a content subscription service app popular for promoting pornographic material, has been offering NFT profile pictures since December 2021.

Instagram has 1.5 billion global users in January 2022, about half of Facebook’s 2.9 billion. Many notable crypto users already have profiles on the photo and video sharing network, which has been exploited by some hackers.

It is reported that Bored Ape Yacht Club’s Instagram profile was hacked, and the project’s more than 600,000 followers were sent links to a bogus airdrop.

Since rebranding from Facebook to Meta in October 2021, the social media firm has launched a slew of cryptocurrency and metaverse-related activities. Despite the fact that the Diem Association’s digital currency project Diem (known previously as Libra) was shut down in February, Meta established a physical metaverse-themed retail store in the San Francisco Peninsula on Monday.

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