Ground Report | New Delhi: NFT Instagram; Meta CEO Mark Zuckerberg has reportedly announced that NFTs are coming to Instagram, though details are still sketchy. He announced the news during a session on South By Southwest. “We are working to bring NFT to Instagram in the short term,” she said, Engadget and The Daily Beast. “I’m not ready to announce exactly what it will be today. But in the coming months, the ability to incorporate some of their NFTs.” “Hopefully over time things can be coined within that environment,” he added.
Note that last year, Instagram said it was ” actively exploring NFTs .” Then in January, reports claimed that Facebook and Instagram were developing NFT integrations, including features that let you use an NFT as a profile and create NFTs on the platform. NFT stands for “non-fungible token”. Pocket-lint has a guide on them here, but in a nutshell, it can contain everything from animated GIFs to songs. An NFT can be one of a kind or a copy of many; that’s because the blockchain is used to keep track of who owns the file.
It’s currently unclear whether Meta will let you, for example, sell a popular Instagram post as NFTs or mint NFTs that provide access to hidden Instagram stories. Also imagine a marketplace where you can buy and sell ownership of these digital items, all within Instagram. We suspect that there will be some kind of metaverse layer here as well.
- Speaking at SXSW, the billionaire confirmed that digital collectibles would be coming to Instagram “in short order.”
- He shared few details about the role NFTs would play on the platform, but suggested that people could show off their current NFTs and even invent new ones.
- “I’m not ready to announce exactly what it will be today,” he said. “But in the coming months, the ability to incorporate some of their NFTs will hopefully eventually be able to mint things within that environment.”
- Zuckerberg’s interest in NFTs comes as no surprise: He changed his company name to “Meta” in October last year, focusing on the growing concept of a virtual world called the “Metaverse,” in which NFTs and cryptocurrencies are likely to be central.
- The CEO expressed his hope that NFTs could at least play a role in Meta’s own metaverse:
- “I hope you know that the clothes your avatar wears in the metaverse, you know, can basically be coined as an NFT and you can carry them between your different places,” he said.
- In January, it was reported that Meta was planning to add NFTs to its developing Novi crypto wallet. Additionally, Instagram boss Adam Mosseri said the company was “actively exploring” NFTs in December.
- Instagram wouldn’t be the only social platform to take an interest: Twitter has already integrated NFT profile pictures and Ethereum wallet connectivity for its Twitter Blue subscribers.