Mark Zuckerberg, the CEO of Meta, announced that non-fungible tokens (NFTs) will be launched on Instagram in the next few days. Addressing SXSW, the software titan stated that Meta is currently trying to tackle some lingering technical issues with the app, after which he plans to introduce some new features to the popular photo-sharing site. Users will be able to “mint things within that environment” by then, he believes.
“We are working on bringing NFTs to Instagram. I am 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 of the time be able to mint things without environment,” Mark Zuckerberg said while speaking to Shark Tank’s Daymond John on Tuesday at SXSW conference, held in Austin, Texas.
While Zuckerberg outlined his preliminary intentions, he remained tight-lipped regarding any developments or prospective announcement dates. Since last year, when Meta hosted ‘Creator Week,’ which invited only NFT inventors, there has been a rumour about the company’s plans to launch NFTs. Later in December, Instagram CEO Adam Mosseri stated that the Meta-owned platform was “actively” looking at NFTs on Instagram to have access to a broader audience. “I think it’s an intriguing space for us to play and perhaps benefit creators,” Mosseri wrote on his Instagram story.
NFTs on Instagram
In January 2022, a story surfaced claiming that Facebook and Instagram teams were working on NFT integrations. However, there was no follow-up information on how users will be able to “mint” the digital tokens on Instagram. If it goes live, Instagram will be the second social media network after Twitter to enable users to use NFTs as profile images.
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For the uninitiated, NFT stands for Non-Fungible Tokens, which are considered internet classics at this point. NFTs are tokens that can be used to indicate ownership of a variety of unique products, ranging from tacos to toilet paper to internet memes. NFT can literally be anything made digitally, such as sketching, music, artificial intelligence, and so on. However, unlike bitcoin or dogecoins, most NFTs are part of the Ethereum blockchain, as explained by the Verge.
NFTs may play a significant role in the metaverse, says Zuckerberg.
The Meta Chief also mentioned to John that NFTs might play a significant role in the metaverse. It could be used to purchase apparel for the avatar in the metaverse, according to Zuckerberg. “You know, (it) can be basically minted as an NFT and you can move it between your different places,” he said. He also stated that internal testing is presently taking on to ensure that the platform is bug-free when the digital tokens are made available on the most popular photo-sharing app. “I believe (this) solves a lot of technical issues that needed to be worked out previously,” he said.
Zuckerberg revealed his vision for a more immersive version of the internet during a 50-minute meeting with the businessman. The computer guru also spoke about the conflict in Ukraine, which he described as a “massively destabilizing world event.” Finally, he mentioned his own buying habits, saying that the majority of his items are acquired through Instagram or Facebook advertisements, and that Instagram needs to improve its ad algorithms.