NFTs To Be Available On Instagram Soon

Meta CEO stated that their team of developers is working on adding NFT feature on Instagram soon, and non-fungible token minting will be available in future months.
During October previous year, Meta splendidly changed their name from Facebook, indicating its prime focus towards metaverse related projects.
Social media organizations are eyeing to implement NFTs as well as cryptocurrencies into their platforms following Twitter’s NFT profile picture feature.

NFTs For Instagram

Mark Zuckerberg, CEO of Meta, has made an announcement that its image and video sharing social media platform Instagram, is bracing to add NFTs to platform.

Zuckerberg reportedly said that their team is working on development to add NFTs on Instagram in near future, while appearing at South by Southwest Conference held in Austin, Texas. Meta CEO did not unveiled much of information regarding this development or when is it going to be implemented.

A newsletter writer, Casey Newton, made a post using his Twitter handle from conference expressing that Mark Zuckerberg hopes in near future, users of Instagram will be allowed to mint their own non-fungible tokens on platform.

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

Meta did not swiftly responded to a news website’s request to unveil when NFT functionality will be available to folks.

In October previous year, Meta magnificently changed its title from Facebook, showing its prime focus towards projects associated with Metaverse. Organization reports from quarter 4 of prior year unveiled monetary details regarding augmented and virtual reality R&D development business, Reality Labs, indicating losses of more than $10 Billion.

Meta’s side of metaverse is still to go live, it will be a difficult task to extract profit from it.

Meta’s Not New To Crypto

This is not Meta’s initial attempt at a cryptocurrency-associated project. Back in 2019, organization clued towards strategies to create Libra, which was later retitled to Diem, a USD pegged stablecoin which failed because of insufficient lawful approval as well as community backfire.

This project was then later sold to Silvergate Capital, although some ex-Meta are now eyeing for a revival of open-source stablecoin via developing their own network.

Social media organizations are trying to implement NFTs as well as cryptocurrencies into their platforms, following Twitter’s prominent decision to include support for NFT display pictures during January.

Reddit brought in their own NFT avatars to platform, and adult platform OnlyFans added NFT profile pictures featured back in December 2020.

It’s not only social media mammoths looking for inclusion in action provided by crypto sector. Conventional organizations are also lured towards it, and stepping into space, with a prime credit card organization, American Express, indicating towards its extension into Metaverse as per trademarks filings.

Applications to United States Patent and Trademark Office this week indicated that American Expressed primed to provide digital banking and exchange facilities, virtual asset services, and allowing their credit cards to be utilized at NFT marketplace.

This sure is an exciting news, for social media users as many folks who are interested in NFTs but are not able to use other platforms like OpenSea or others, will be able to learn and conduct activities associated with NFTs easily.

Will Meta Launch Its Own Stablecoin Marketplace?

With this announcement, one question we may ask ourselves that, whether if Meta will release its own stablecoin platform, which can assist folks to easily buy or sell NFTs.

Sure it is a great news for Instagram user base, as they will be able to make use of NFTs finally, but we must not forget it is a social media platform, and may face difficulties to be a marketplace to trade NFTs.

This increases possibilities regarding this question, and as mentioned above, many are looking for Diem’s revival, which can give birth to an idea to launch a new marketplace to acquire, sell and trade NFTs, accessible to its audience.