According to Mark Zuckerberg, Instagram will soon incorporate NFTs
“We’re trying to introduce NFTs to Instagram in the near future,” the Meta CEO noted, adding that he wants to see NFT minting accessible within the next few months.
Mark Zuckerberg, CEO of Meta, announced that the company’s video and photo-sharing app, Instagram, is in the process of adding non-fungible tokens (NFTs) to the platform.
“In the near future, we’re working on introducing NFTs to Instagram,” Zuckerberg allegedly revealed during an address at the South by Southwest convention in Austin, Texas. The Facebook founder did not provide a date for deployment.
According to Casey Newton, a writer for the Platformer newsletter, Zuckerberg also said at the conference that he expects that Instagram users will be able to mint their own NFTs in the coming months.
Meta did not immediately answer to Cointelegraph’s request for an update on the status of the NFT feature.
Meta notably rebranded from Facebook in October to concentrate on its Metaverse-related initiatives. For the first time, company filings from the fourth quarter of 2021 exposed the financial specifics of its virtual and augmented reality research and development subsidiary, Reality Labs, revealing losses of more than $10 billion. To be honest, since Meta’s piece of the metaverse is not yet operational, it would be difficult to benefit from it.
This is not Meta’s first foray into a crypto-related endeavour. In 2019, the business announced intentions to launch “Libra” (later renamed as “Diem”), a USD-pegged stablecoin that failed to get regulatory permission and faced community opposition. Although Silvergate Capital acquired the project, several former Meta personnel are now attempting to resurrect the open-source stablecoin by establishing their own network.
Following Twitter’s famous move in January to introduce support for NFT profile images, social media businesses have been attempting to integrate cryptocurrencies and NFTs into their platforms. In December 2020, Reddit permitted NFT avatars from its own collection, and adult website OnlyFans enabled NFT profile images.
Not just social media behemoths are vying for a piece of the crypto action. Traditional banking corporations are expressing interest in the sector, with American Express, the world’s largest credit card provider, indicating potential expansion into the Metaverse through trademark registrations.
American Express filed applications with the United States Patent and Trademark Office this week to provide virtual banking and exchange services, cryptocurrency services, and to enable the use of its credit cards in an NFT marketplace.