Earlier this week, Meta also announced that it would join other tech companies in creating a metaverse standards body.
Instagram parent company Meta announced on Wednesday that it will begin testing NFTs on Instagram Stories using its SparkAR augmented reality platform.
CEO Mark Zuckerberg said of the announcement, “We’re expanding our test so more creators around the world can display their NFTs on Instagram.” The company also mentioned in a recent article: “Creators and collectors will be able to share their digital collectibles on Facebook and Instagram after we begin rolling out the feature on Facebook with select US creators at a later date.”
Zuckerberg confirmed that Facebook is set to support NFT in the future:
“Soon we will also be bringing this feature to Facebook, starting with a small group of creators in the US, so people can cross-post on Instagram and Facebook. We will also be testing NFT on Instagram Stories with SparkAR soon."
In May, Meta launched digital collectibles described by the company as “a new way for consumers and creators to share NFTs on Instagram.”
Earlier this week, Meta also announced that it would join other tech companies in creating a metaverse standards body. The group intends to build the next version of the web and develop a shared spirit for Web3 and the metaverse. Some of the companies that have joined the initiative are Adobe, Epic Games, Microsoft, Nvidia and Qualcomm; Apple was conspicuous by its absence in the package.
Meta is not the only company looking to integrate NFT. It followed social media competitor Twitter, which brought NFT to its platform in January. Twitter’s NFT support allowed users to link ether-based wallets to their accounts and display their artwork as profile pictures. eBay recently acquired the Ethereum-based NFT marketplace KnownOrigin, expanding its foray into Web3. Even existing DeFi companies such as Uniswap are beginning to enter the NFT and metaverse markets with the recent acquisition of NFT aggregator Genie.