Instagram CEO Adam Mosseri announced that the company will begin testing its new NFT features with a select group of creators in the United States. Integrations for Ethereum and Polygon will be available soon, with support for Flow and Solana to follow. NFT owners will be able to verify their ownership by connecting their Rainbow, Trust Wallet, and MetaMask accounts.
NFTs will be visible on the main Instagram feed, within Stories, and in Direct Messages. In addition, participating accounts will get a new NFT tab with a tick in a hexagon indicating verified NFTs. Since June of last year, Instagram has been working on the feature, with early examples demonstrating how IG could not only showcase your NFTs, but also facilitate NFT sales, integrating into the larger digital products market.
The potential of NFTs, as well as the expanded role that digital goods will play in the coming Metaverse shift, has been discussed by Meta CEO Mark Zuckerberg, with the clothing that you dress your digital avatars in potentially being minted as NFTs and tied to your digital identity.
However, as previously stated, NFT trading has been steadily declining since its initial hype period. According to The Wall Street Journal, NFT sales have dropped by 92 percent since September, and active wallets have dropped by 88 percent since November.
Because of the decreased demand, the value of some well-known NFTs has plummeted.