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NFTs will be on Instagram soon, says Mark Zuckerberg
- Mark Zuckerberg said that Instagram plans to add NFT to the platform
- NFTs could play a role in the company’s eventual metaverse
- Instagram won't be the first social network with NFT integration
Meta Inc founder and CEO Mark Zuckerberg said that Instagram plans to add non-fungible tokens (NFT) to the platform. Speaking at one of the sessions at the South by Southwest event late on Tuesday, Zuckerberg said that “we are working on bringing NFTs to Instagram in the near term.”
He, however, did not provide clarity on how NFT would be implemented on Meta platforms. “Over the next several months, the ability to bring some of your NFTs in, hopefully over time be able to mint things within that environment,” Zuckerberg was quoted as saying by The Verge.
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The Meta CEO also believes that NFTs could play a role in the company’s eventual metaverse.
Zuckerberg said, “I would hope that you know, the clothing that your avatar is wearing in the metaverse, you know, can be minted as an NFT and you can take it to your different places.”
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“A bunch of technical things need to get worked out before that’ll be really seamless to happen,” he added.
Earlier, in January a report by the Financial Times said that Meta is exploring plans to allow users to create, showcase and sell NFTs on Facebook and Instagram.
In December, Instagram head Adam Mosseri said that his social network was “actively exploring NFTs.”
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Instagram won’t be the first social network with NFT integration. Earlier this year, Twitter introduced a feature that allows some users to set an NFT they own as their profile picture. They then appeared as hexagons, and anyone interested can click through to see the NFT’s metadata. Considering how frequently TikTok features end up with a near carbon-copy on Instagram, it would not be surprising to see Meta’s photo-sharing app do something similar.
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Recently, NFTs have been gaining support from other established web platforms. According to Dune analytics, NFTs are breaking trading records, generating over $4 billion in monthly revenue. OpenSea has seen its monthly sales volume in Ether (ETH) exceed $3.5 billion, shattering all previous records. In January alone, OpenSea traded nearly $169 million per day.
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