The official Twitter account of Instagram tweeted today major news. After Twitter added NFT integration on its platform, Instagram soon followed the blockchain hype. It announced that they started the testing phase of implementing posts that contain NFT! Read on to know more about the Instagram NFT news.
Instagram announces adding NFTs
The official tweet came out on the 10th of May, 2022. Instagram said that they were already testing ways for their users to use NFTs in a seamless and secure way. Users will be able to connect their smart contract wallets and post what NFTs they hold directly into a special post.
Which NFT wallets will be supported on Instagram?
Instagram announced that they will support the following wallets:
- Metamask
- Rainbowdotme
- Trustwallet
They also announced other wallets that they might add soon after the launch. The list includes:
- CoinbaseWallet
- Hellodapper
- Phantom
Which Blockchains will be supported on Instagram?
There are many blockchains that support smart contracts. In fact, Instagram chose the most famous ones and will start with Ethereum and Polygon. However, they also plan to add Flow and Solana.
Will the Crypto Market go up on Instagram’s announcement?
The short answer is: not likely. The current crypto crash is very harsh, and most cryptos will need a while before recovering. To top this mess, many analysts are predicting NFT rug pulls, where previous NFT projects simply take the money from the sale of their NFTs, and run away closing the project.
If this happens, the crypto market is up for some heavy dumps. Crypto projects such as Ethereum, Polygon and Solana will take the heaviest hit.
