Co-founder and CEO of Meta, Mark Zuckerberg has said that Non-Fungible Token, NFTs, will be coming to Instagram soon.
According to the CEO, the development – still on the way – would see the integration of non-fungible tokens into the company’s photo and video sharing app as the Instagram team is currently working out some of the technical challenges.
Casey Newton, writer of The Verge’s Platformer newsletter, tweeted that Zuckerberg also said that “hopefully” in the coming months, Instagram members will be able to mint their own non-fungible tokens (NFT) within the app.
At #SXSW, Mark Zuckerberg just said that “hopefully” in the coming months you’ll be able to mint NFTs within Instagram
— Casey Newton (@CaseyNewton) March 15, 2022
What Zuckerberg is saying
He said, “We’re working on bringing NFTs to Instagram in the near term. 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 things within that environment.”
He also said that NFTs could one day play a role in the company’s eventual metaverse sharing its big vision of a lucrative interconnected virtual world with digital goods.
“I would hope that the clothing that your avatar is wearing in the metaverse can be basically minted as an NFT and you can take it between your different places. There’s like a bunch of technical things that need to get worked out before that’ll really be seamless to happen,” he added.
What you should know
- Earlier this year, Twitter introduced a feature that let premium users set an NFT they own as their profile picture.
- Youtube also announced that the video-sharing platform is considering Web3 technologies, including NFTs (non-fungible tokens) — a way to certify digital assets stored on the blockchain — as a means of helping YouTube creators make money.