Tuesday, September 27, 2022

NFTs are Coming to Instagram, Confirms Mark Zuckerberg

491
SHARES
1.4k
VIEWS

Mark Zuckerberg – CEO of Meta (formerly Facebook; owner of Instagram) revealed today that Instagram will be integrating NFTs into its platform.

  • Speaking at SXSW, the billionaire confirmed that the digital collectibles would come to Instagram “in the near term”.
  • He shared little detail about what role NFTs would play on the platform, but suggested that people could both show off their current NFTs, and even mint new ones.
  • “I’m not ready to kind of announce exactly what that’s going to be today,” he said. “But over the next several months, the ability to bring some of your NFTs in, hopefully over time be able to mint things within that environment.”
  • Zuckerberg’s interest in NFTs is no surprise: He rebranded his company to “Meta” in October of last year, focusing on the growing virtual world concept called the “Metaverse”, in which NFTs and crypto will presumably be central.
  • The CEO expressed hope that NFTs could at least play a role in Meta’s own metaverse:
  • “I would hope that you know, the clothing that your avatar is wearing in the metaverse, you know, can be basically minted as an NFT and you can take it between your different places,” he said.
  • In January, Meta was reportedly planning to add NFTs to its developing crypto wallet Novi. Furthermore, Instagram head Adam Mosseri said the company was “actively exploring” NFTs in December.
  • Instagram wouldn’t be the only social platform to take interest: Twitter has already integrated NFT profile pictures and Ethereum wallet connectivity for its Twitter Blue subscribers.

Featured Image Courtesy of Bloomberg.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.


Read More

Welcome Back!

Login to your account below

Retrieve your password

Please enter your username or email address to reset your password.

Don't miss the

NEWSLETTER

Exclusive editorial

Breaking News

Quality Company Coverage

Expert Writers

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

WallStreetReview will use the information you provide on this form to be in touch with you and to provide updates and marketing.