Mark Zuckerberg Confirms That NFTs Are Coming to Instagram Very Soon
There have been a lot of reports earlier that social media giant Instagram has been working on NFTs for a while. Breaking the ice, Meta chief Mark Zuckerberg confirmed the same on Tuesday, March 15, speaking at SXSW.
Zuckerberg said that NFTs are coming to Instagram “in the near term”. However, he refrained from sharing further details about the project as of now.
Mark Zuckerberg said: "I'm not ready to kind of announce exactly what that's going to be today. But 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”.
Non-fungible tokens (NFTs) have been a rage in the crypto space over the last year. Blockchain-based NFTs have become increasing popular among especially among digital artists for selling their unique creations.
NFTs thus can prove to be a perfect use case for Instagram creators for selling unique content to followers. Bank in December last year, Instagram chief Adam Mosseri also said that they are "actively exploring NFTs and how we can make them more accessible to a broader audience. I think it is an interesting place that we can play and also a way to hopefully help creators”.
Mark Zuckerberg shared how NFTs can play an important role in Meta’s version of the Metaverse.
He said: "I would hope that you know, the clothing that your avatar is wearing in the metaverse, you know, can be basically minted as an NFT and you can take it between your different places. There's like a bunch of technical things that need to get worked out before that'll really be seamless to happen.”
NFTs can certainly play a bigger role in Meta’s vision of the Metaverse. Reports last month suggested that Meta is also working on its native NFT marketplace. On this marketplace, users would be able to create and mint NFTs of their choice. The Meta NFT marketplace will further support buying and selling of digital collectibles for users.
The launch of NFTs on Instagram can prove to be a good experiment initially for Meta to test waters. They can further replicate its success to broader platforms like Meta.