Facebook’s Mark Zuckerberg announces plans to launch NFTs on Instagram

  • Zuckerberg said that Instagram users can start minting their NFTs in the near term.
  • This project will give a boost to its parent firm Meta in its plans to bring NFT use cases in the Metaverse.

Meta Inc. chief Mark Zuckerberg has come out clean about plans of introducing non-fungible tokens (NFTs) on the social media platform Instagram. Meta’s Instagram has been quite a popular app for images, videos, and short videos and gives creators a unique opportunity to sell their non-fungible tokens (NFTs).

This is also the first time Zuckerberg admitted their involvement in an NFT project. Speaking at the session at South By Southwest, Mark made the announcement. “We’re working on bringing NFTs to Instagram in the near term,” he said.

However, the Facebook founder hasn’t provided any specific details as to when they will introduce NFTs on the platform. The non-fungible tokens (NFTs) provide digital ownership on a blockchain for unique content, art pieces, and products. Thus, they have a strong use case for all content creators on the platform.

During his recent speech, Mark said that Instagram users will be able to mint their own NFTs on the platform. Further details for the same shall be hopefully available in the coming days. But Instagram isn’t the first major platform to join the NFT wave. Previously, social media giant Twitter announced that users can set an NFT as their profile picture. Also, Instagram chief Adam Mosseri said:

We are definitely actively exploring NFTs and how we can make them more accessible to a wider audience. I think it’s an interesting place that we can play…and also a way to hopefully help creators.

Why NFTs are useful for the Meta ecosystem?

Launching NFTs on Instagram could be a good experiment to test waters for Meta. The parent company of Facebook and Instagram is heading for a major push into the Metaverse, a virtual world wherein users from across the world can interact.

Non-fungible tokens (NFTs) can have an extremely good use case in the Metaverse as they can be used for sharing and trading assets in the virtual world. Also, brands like Nike and others are already exploring how NFTs can help them in Metaverse or Web 3.0.

As per the previous report, Facebook could leverage its Novi Wallet technology to power the “supporting functionality” for NFTs. Meta is also reportedly working on its native NFT marketplace.

The native NFT marketplace will provide an infrastructure to trade digital collectibles in Facebook’s Metaverse. As a result, Meta won’t have to rely on any third-party platforms like OpenSea.

It will be interesting to see what measures does Instagram takes in getting NFTs on the platform. We are sure creators would be excited about this new opportunity at hand.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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