Instagram's foray into will work with a few US-based artists and collectors who will be able to share their NTFs on the platform, Instagram said in a tweet on Monday.begins this week. The Meta-owned company
The photo-sharing social media platform plans to start small with NFTs, according to Instagram chief Adam Mosseri.
"Now I want to acknowledge up front that NFTs are all about distributing trust, distributing power. But Instagram is fundamentally a centralized platform, so there's a tension there. So one of the reasons why we're starting small is so that we can learn from the community, " he said in a video posted on Twitter.
NFTs, or nonfungible tokens, are digital assets that are verified using blockchain technology. They've have been in the works at Meta for a while -- CEO Mark Zuckerberg spoke about the possibility of bringingduring his talk at SXSW in March.
"Over the next several months, [you'll get] the ability to bring some of your NFTs in, and hopefully over time be able to mint things within that environment," he said at the time.
NFTs can be a part of a collection or standalone pieces of art. It can cost hundreds of thousands of dollars to purchase a single NFT fromlike and , while sales for rarer NFTs can end up in the millions.
Sports leagues like the $25.of highlights and player cards. Last year, NFT baseball cards were sold for as little as $5 a pack, but this year the price went up to