Mark Zuckerberg says NFTs will be integrated into Instagram

The CEO of Meta, Mark Zuckerberg, has confirmed that non-fungible tokens (NFTs) will soon be integrated on Instagram. However, the CEO did not confirm when this would happen but noted it would be “in the near term.”

NFTs on Instagram

Zuckerberg was speaking at SXSW, where he announced that NFTs on Instagram would be launched soon. He did not go into i9n-depth details of how NFTs would be used on Instagram. However, he stated that people could show the NFTs they already own or mint new ones.

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“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,” Zuckerberg said.

This announcement has not come as a surprise, given that towards the end of 2021, Facebook announced that it was rebranding into Meta. This was to allow the social media giant to venture into the metaverse. The metaverse is a virtual world where digital collectibles and cryptocurrencies will play a major role.

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.

Meta has been active in the digital asset sector. The company has been behind the development of a Novi wallet. However, Meta’s endeavours in the digital asset space have been accompanied by regulatory hindrances. Facebook’s Diem project failed after it was blocked by regulatory bodies globally.

Twitter integrates NFTs

Facebook is not the only social media company that is venturing towards NFTs. Twitter, the top platform used by the cryptocurrency community, integrated NFTs on the platform a few months back. The feature allows people on Twitter Blue to showcase their NFTs on their profile pictures.

Twitter has also integrated cryptocurrency payments on the platform. It has a tipping feature that supports both Bitcoin and Ethereum. The feature allows users to tip their favourite content creators on the platform.