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Non-fungible tokens will soon be making their way to Instagram. What’s even more interesting is that the social media platform’s users will not only be able to display their NFTs, they can even mint new ones within the app as well.
“We're working on bringing NFTs to Instagram in the near term,” Mark Zuckerberg said at the SXSW but declined to reveal more details about the project, according to Engadget.com. “I'm not ready to kind of announce exactly what that's going to be today.”
However, Zuckerberg did tease some of the things users could do once the functionality is activated in the Instagram app. “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,” the Meta CEO added.
Previously, Zuckerberg and other executive have expressed their interest in NFTs. Back in December, Instagram head Adam Mosseri said that the company was “actively exploring” non-fungible tokens and wanted 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 said, according to Tech Crunch.
In fact, Instagram hosted “Creator Week” last summer. The company hosted the invite-only virtual summit, which is a private event for NFT creators.
Instagram’s interest in NFTs is a perfect fit with its parent firm’s Meta’s thrust in the metaverse. “I would hope that the clothing that your avatar is wearing in the Metaverse can be minted as an NFT and you can take it between different places,” Zuckerberg said. “There's like a bunch of technical things that need to get worked out before that'll really be seamless to happen.”
