Meta is going to launch NFTs on Instagram in the next few months.
Non-Fungible Tokens (NFT) are taking the world by storm.
Jumping onto the bandwagon this time is Meta (formerly Facebook), which is going to bring NFTs on its photo and video sharing platform Instagram.
“We’re working on bringing NFTs to Instagram in the near term,” Zuckerberg, cofounder of Meta, reportedly stated in an appearance at the South by Southwest conference in Austin, Texas. “I’m not ready to announce exactly what that’s going to be today, but, over the next several months, the ability to bring some of your NFTs in, and hopefully over time be able to mint things within that environment.”
Back in December 2021, Instagram’s Head of Instagram, Adam Mosseri revealed that the company was “actively exploring” NFTs to bring the technology to a wider audience. “I think it’s an interesting place that we can play and also to hopefully help creators,” Mosseri had said.
In January 2022 too a report by Financial Times claimed that “Meta is working on plans to allow users to create and sell non-fungible tokens.” As of now, no specific details about the launch of NFTs have been revealed.
Last year, the then Facebook changed its name to Meta to position itself as a company operating in the crypto space. It is increasingly embracing Web3 technologies. The company had even tried its hand in launching its own cryptocurrency Diem, a USD-pegged stablecoin. However, the plan went awry.
Social media companies are increasingly moving towards NFTs. Earlier Twitter had added support for NFT profile pictures in January. Reddit has also implemented NFT avatars from its own collection. In the next few years, Web2 companies are expected to gradually embrace Web3 technologies.
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