From The Straits Times    |

For the better or worse, social media app Instagram is constantly rolling out new updates in a bid to better improve the app. The latest update to the photo-sharing platform now brings it closer into the realm of the metaverse, as announced today by Meta, Instagram’s parent company. Instagram has officially launched digital collectibles, a support feature that allows creators and collectors to showcase their non-fungible tokens (NFTs) on the social media platform, to over 100 countries globally, including Singapore. 

Prior to this expansion, the feature was only available to select creators and collectors in the United States.

Credit: Meta

To share and display NFT artworks that you have collected, the process is fairly simple:

  1. Connect a digital wallet. Once connected, you will have the ability to choose which NFTs from your wallet you would like to share on Instagram.
    (Note: The third-party wallets compatible include Coinbase Wallet, Dapper Wallet, Rainbow, MetaMask and Trust Wallet, with Phantom coming soon. Supported blockchains include Ethereum, Polygon, and Flow, with Solana coming soon.)
  2. Share digital collectibles. Once you post a digital collectible, it will receive a special visual treatment and can display public information, such as a description of the NFT. Posts will also be visible on their profile.
  3. Automatically tag both the creator and collector. The creator and collector can be automatically attributed in the digital collectible post (subject to their privacy settings).

According to Meta, this feature on Instagram is made possible by “collecting and organising public data from open blockchains”, and the app “can only identify which collectibles belong to collectors and creators when they connect their third-party wallets to Instagram”.

Credit: Meta

No fees will be associated with posting or sharing a digital collectible on Instagram, and the company has announced that it won’t offer the ability to turn digital collectible posts into ads for now.

On the sustainability front, Meta has also announced that they “will help reduce the emissions impact that might be associated with the display of digital collectibles on Instagram by purchasing renewable energy”. 

The company is also looking to develop further updates to the digital collectibles feature, which might include allowing people to display and share their digital collectibles as AR stickers in Instagram Stories.