NFTs, or Non-Fungible Tokens, are a unique type of digital asset that represents a distinct unit of value. They are different from other cryptocurrencies like Bitcoin and Ethereum because each NFT is unique and cannot be replaced by another.
This makes them ideal for representing unique items like collectibles or digital artwork. NFTs are created and stored on blockchain platforms like Ethereum and can be traded or used in transactions just like any other cryptocurrency.
Instagram to start testing NFTS with Select Creators?
The head of Instagram, Adam Mosseri, has just announced that the platform will start experimenting with NFTs with specific creators in the United States this week.
Mosseri states that there will be no fees for posting or sharing a digital collectible on Instagram.
Initially, Instagram Ethereum and Polygon supported with Flow and Solana are supported using NFTs.
Wallets that support launch will be fully compatible with Rainbow, MetaMask, Trust Wallet, and the Coinbase, Dapper, and Phantom wallets.
How will NFTs be used on Instagram?
According to Instagram, NFTs will be used to “secure and track digital collectibles.” This means that users will be able to use NFTs to represent unique assets on the platform.
For example, a user could own a digital collectible representing a real-world asset, such as a house or car.
In addition to representing physical assets, NFTs can also represent digital assets. For example, a user could own a digital collectible representing an online game character or in-game item.
