While speaking at SXSW, the Facebook founder, Mark Zuckerberg, confirmed that Instagram will soon include non-fungible tokens (NFTs) to its platform. The Meta Platforms Inc. CEO told Shark Tank’s Daymon John at the South by Southwest Conference in Austin, Texas, that the video and photo-sharing app, Instagram, will offer NFTs shortly. He remarked,
“We’re working on bringing NFTs to Instagram in the near term.”
Although he didn’t explain this initiative’s specifics, he suggested that people could show off their existing NFTs and potentially mint new ones, as noted by platformer newsletter writer and crypto influencer Casey Newton.
Zuckerberg further 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 new things within that environment.”
Last December, Instagram, which has amassed more than a billion monthly active users, said that it was actively exploring the possibilities around bringing the NFT technology to a broader audience. Zuckerberg, along with its top executive, Adam Mosseri, had previously expressed an interest in the NFT technology. He said, “I think it’s an interesting place that we can play and also to hopefully help creators.”
NFTs to align with Meta’s Metaverse vision
Instagram’s move to NFTs fits Meta’s vision of bringing a virtual world to reality, called the metaverse. Facebook changed its name to Meta in October 2021, narrating the change in the metaverse direction. The company’s head of metaverse products, Vatsal Shah, said that the new Meta would support NFTs. He said, “This will make it easier for people to sell Limited Edition digital objects like NFTs, display them in their digital spaces, and even resell them to the next person securely.”
NFTs aren’t Meta’s first crypto haul
Instagram NFTs aren’t Meta’s first attempt at launching a crypto product in the market. The company planned to launch a stablecoin called Diem, formally named Libra. This digital currency would have allowed customers to indulge in in-app purchases and transfer money to other users without passing through the traditional financial system. However, due to widespread unacceptance of the cryptocurrency, several regulatory hurdles and internet disagreement over its framework, Meta failed to bring their thoughts for Diem to reality. However, with Instagram NFTs, things are bound to change for Meta and its customers.