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Instagram will support NFTs from four different blockchain networks

Coindesk reports that Instagram plans to integrate non-fungible tokens (NFTs) from blockchains including Solana, Ethereum, Flow, and Polygon into its platform. The announcement is expected to be made this week by the photo-sharing platform Instagram.

Although Instagram will target a specific group of NFT enthusiasts in the United States, it is currently unclear whether the social media platform will support NFTs from all networks. Furthermore, the social media behemoth will not charge users for displaying NFTs on their profiles.

Wallets such as MetaMask, which accept cryptocurrency payments, will be supported by Instagram. Users would be able to connect their wallets to Instagram and display digital artworks on their profiles as a result of this. The ability to demonstrate ownership and tag NFT creators would also be available to Instagram users.

The social media platform Instagram previously declared

This comes nearly two months after Technext reported that Mark Zuckerberg, CEO of Meta, the parent company of Instagram, announced at the South by Southwest Conference in Austin, Texas, that Instagram would add NFTs.

On Shark Tank, he revealed that Meta is "working to bring NFTs to Instagram in the near future," according to Daymon John.

Twitter, Reddit, and YouTube are the largest social media platforms that have integrated NFTs at the time of this writing.

The proposed integration will catapult the adoption and growth of NFT to a completely different level.

Growth of NFTs

It is anticipated that the integration of NFTs into the operations of the world's largest corporations will increase their adoption as well as the number of people who have access to them in the future.

Since 2021, the number of people using NFT has increased dramatically, and it is expected to reach mainstream status by 2025. Several reports from a variety of organizations have hinted at the market's potential for continued growth.

According to a report published last week by BeinCrypto, despite claims to the contrary by some media outlets, the cryptocurrency industry's sales have remained strong. According to the report, the decline of nonferrous metals had been greatly exaggerated previously.

According to a recent report from Nansen, the NFT sector has outperformed the broader cryptocurrency market in terms of year-to-date performance. Furthermore, the blockchain analytics firm predicted that the value of NFTs could rise to as much as $80 billion by 2025, up from the current $3 billion value.

In addition to the continued adoption/integration by major corporations, celebrity endorsements, the works of mainstream influencers, a demand for digital artworks, and the emergence of new use cases in fashion, retail, and supply chain management are all expected to propel the NFT market to greater heights in the coming years.

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