In a conversation at Austin’s South by Southwest Festival on 15 March, Meta’s CEO Mark Zuckerberg revealed that his company is “working on bringing NFTs to Instagram in the near term.”
He added, “I’m not ready to announce exactly what that’s going to be today, but, over the next several months, the ability to bring some of your NFTs in, and hopefully over time be able to mint things within that environment.”
Zuckerberg also explained the NFT integration into Instagram as something that is imminent once the team of the photo and video sharing app, irons out some of the technical challenges.
Here’s what we know about NFTs on Instagram:
Last December, Adam Mosseri, Head of Instagram confirmed that the company was ‘actively exploring’ NFTs. The purpose of this is to bring the technology to more people. “I think it’s an interesting place that we can play and also to hopefully help creators,” Mosseri said in an Instagram story. In fact, Instagram had hosted ‘Creator Week’ in June 2021, which was an invite-only virtual summit specially for NFT creators.
More so, Instagram’s interest in NFTs is in alignment with its parent company’s overall vision to create an interconnected virtual world that brims with digital goods. “I would hope that the clothing that your avatar is wearing in the Metaverse can be minted as an NFT and you can take it between different places,” Zuckerberg said.
From Facebook to Meta
Earlier in October 2021, Facebook Inc rebranded itself to Meta in order to build the ‘metaverse’ that it believes will follow after the mobile internet.
While the company won’t change its corporate structure, this rebranding would help integrate different apps and technologies under one brand.
Meta has invested in augmented reality (AR) and virtual reality (VR) considerably.