May 10, 2022
Every day, creators inspire people and push culture forward around the world. With the incredible opportunity of blockchain technology, they can now leverage new tools to earn income, and fans can support their favorite creators by purchasing digital collectibles – art, images and videos, music or trading cards – as non-fungible tokens (NFTs). Starting this week, select creators and collectors can share their digital collectibles on Instagram.
Creators are using new technologies like NFTs to take more control over their work, their relationship with their fans, and how they can monetize. At Meta, we’re looking at what creators are already doing across our technologies in order to improve the experience, help them create more monetization opportunities, and bring NFTs to a broader audience.
We’re beginning to test digital collectibles with a handful of U.S. creators and collectors who will be able to share NFTs on Instagram that they have created or bought. This feature includes:
We collect and organize public data from open blockchains, such as Ethereum, to provide this feature. From this public blockchain data, we can only identify which collectibles belong to collectors and creators when they connect their third-party wallets to Instagram. Starting at launch, the blockchains that will be supported are Ethereum and Polygon, with Flow and Solana coming soon. The third-party wallets compatible for use will include Rainbow, MetaMask and Trust Wallet, with Coinbase Wallet, Dapper, and Phantom coming soon. There will be no fees associated with posting or sharing a digital collectible on Instagram.
It’s critical that our early efforts in this space empower diverse voices and that underrepresented groups have access to emerging digital assets like NFTs. By building support for NFTs, we aim to improve accessibility, lower barriers to entry, and help make the NFT space more inclusive to all communities. It is also important that we keep Instagram a safe and enjoyable place for everyone. Therefore, people can use our tools to keep their accounts secure and report digital collectibles which go against our community guidelines. In addition, we understand that blockchain technology and NFTs raise important questions on sustainability. Meta will help reduce the emissions impact that might be associated with the display of digital collectibles on Instagram by purchasing renewable energy. Learn more about our commitment to sustainability here.
We will expand access to digital collectibles soon, bringing the benefits of NFT ownership to even more creators and collectors. For now, if you want to see digital collectibles in action, you can follow these accounts: @adambombsquad, @bluethegreat, @bossbeautiesnft, @c.syresmith, @cynthiaerivo, @garyvee, @jenstark, @justmaiko, @maliha_z_art, @misshattan, @nopattern, @oseanworld, @paigebueckers, @phiawilson, @swopes and @yungjake.
Across Meta, we will continue listening to feedback as we embark on this new area of investment for the company. Soon, we’ll be rolling out digital collectibles on Facebook, and allow people to display and share their digital collectibles as AR stickers in Instagram Stories. You can read more about our AR efforts here.
Over the coming months, we will explore additional features to provide further benefits of this technology to creators and collectors.