Mark Zuckerberg (Meta) confirms that NFTs are coming to Instagram

Mark Zuckerberg (Meta) confirms that NFTs are coming to Instagram

Meta CEO Mark Zuckerberg has confirmed that non-fungible tokens, better known as NFTs, will be coming to Instagram , one of the platforms owned by this company.

The manager has advanced during a session of the South by Southwest (SXSW) festival in Austin, Texas (United States) that this incorporation of digital assets on Instagram will take place “in the coming months” .

“We are working to bring NFTs to Instagram in the short term,” commented Zuckerberg, who has assured that “hopefully, over time these elements can be coined ” within the aforementioned social network, in statements collected by Endgadget.

It has also pointed out that, in addition to displaying the acquired NFTs, users of this social network will have the opportunity to create new ones and use them within the platform.

On the other hand, Zuckerberg has suggested that the NFTs coming to Instagram could eventually have a role in the Meta-developed metaverse. ” The clothes worn by the avatars can be coined as NFTs and carried to different places,” he commented.

However, he has assured that the company still has a lot of work ahead of it to be able to offer this alternative to its users, since there are “many technical details” that must be resolved for its correct development.

This advance is complemented by the intentions of the CEO of Instagram, Adam Mosseri, who was interested in these assets at the end of 2021. He then announced that, from the social network, NFTs were being “actively explored” in order to “make them accessible to a wider audience”.

Likewise, the Financial Times newspaper reported at the end of last January that several people close to the company had reported that it was working on new formats to allow users to both create and sell NFTs and that it was considering opening a digital market to exchange these goods.

According to the sources consulted by this means, it is likely that the purchases and sales will be made through the digital wallet of the technology company, Novi, which will use the digital currency USDP (Dollar Pax) and run on ‘blockchain’ technology.

Instagram would not be the only social network to introduce these digital assets since others have also turned to it, such as Twitter . The company announced in October 2021 that it was preparing a new tab to display NFT works in users’ profiles, and in January it began testing such features in its paid version, Twitter Blue.

Rachel Maga
Rachel Maga is a technology journalist currently working at Globe Live Media agency. She has been in the Technology Journalism field for over 5 years now. Her life's biggest milestone is the inside tour of Tesla Industries, which was gifted to her by the legend Elon Musk himself.