Instagram too boost the NFT ecosystem after Meta announcements

TL;DR Breakdown

• Meta CEO, Mark Zuckerberg, aims to launch NFTs on Instagram
• Zuckerberg wants social networks under his authority to be a priority in the metaverse.

Recently billionaire Mark Zuckerberg, Meta CEO, announced that he is doing his best to include NFT features within Instagram.

In 2021, Facebook was renamed Meta, the perfect indication that Zuckerberg’s team promotes virtual universes. The Metaverse has been in operation before the inception of META, but with this name change, it gained popularity.

NFT market within Instagram

Instagram, a famous social network launched in 2010 by Mike Krieger and Kevin Systrom, now owned by Meta, seems to move towards the NFT market. Zuckerberg, the META CEO, said that he is eager to launch NFTs within the social network, so market enthusiasts will have an easy way to post and trade their virtual pieces.

Since 2021, Zuckerberg has focused on virtual universes to make Facebook, Instagram, and other companies owned by him hubs for the Metaverse. In an interview with Zuckerberg, he revealed that Instagram is the right prospect for the NFT market. However, Zuckerberg did not indicate when the use of NFTs will be available on the social network.

Meta advances in recent years

Zuckerberg’s Meta has advanced further than enthusiasts imagine. The developers launched Libra as the first virtual project based on stablecoins and cryptocurrencies. The months after “libra,” the name was changed to Diem, a stablecoin which was pegged to the United States’ dollar. This project failed due to legal problems and general public disapproval.

While Meta advances, so are social networks like Instagram. This NFT project within the social network could also be a clear competition for Twitter.

In another aspect, developing Instagram towards NFTs could also be inspired by OnlyFans and Reddit. Their platforms have had their tools to publish NFT pieces since last year. Regardless of how the META initiative towards the social network arose, the project is one to look forward to.

The NFT market is used by many people, even though in its 2017 developments, it was only used by artists looking to earn money with their virtual works. Information has also been leaked that META could launch its stablecoin marketplace, but this is something that neither Zuckerberg nor the team managing the project has confirmed.