Meta chief executive Mark Zuckerberg has confirmed that non-fungible tokens (NFTs) will soon be coming to the picture and video sharing app in the near future.
NFTs Might Soon Drop On Instagram
Speaking at Austin’s South by Southwest Festival on Tuesday, Mark Zuckerberg stated that “hopefully” Instagram users will be able to mint their own NFTs on the platform in the coming months, although he didn’t give a specific date when this would be possible.
The head of Instagram, Adam Mosseri, said back in December that discussions were being held on whether to integrate NFTs. The Financial Times later reported in January that Meta was working on ways to let Instagram and Facebook users display NFTs on their profiles.
This isn’t Zuckerberg’s first crypto-related venture, of course. In early 2019, the tech magnate attempted to launch Libra (later rebranded to Diem) but the ambitious project ended in spectacular failure due to fierce regulatory pushback. The controversial project’s assets were later acquired by Silvergate Bank.
More recently, Zuckerberg revealed Facebook had changed its name to Meta to demonstrate its newfound focus on the Metaverse. Investors didn’t leap at the news of the tech giant putting plenty of virtual eggs and billions of dollars into the metaverse basket. Since the announcement was made, the shares of Meta have suffered a record-breaking plunge.
The Metaverse And NFTs Enjoy Increasing Corporate Interest
Since making their way into the mainstream consciousness in early 2021, non-fungible tokens have been the buzziest thing in crypto. Social media behemoths have been scrambling to implement NFTs on their platforms ever since Twitter took the leap and added support for hexagonal NFT avatars on January 20. Shortly afterward, Reddit announced it was testing out NFT profile pictures.
It’s worth noting that it’s not just social media companies that are preparing to hop on the NFT bandwagon. Legacy finance firms are expressing a lot of interest in the ecosystem, with the world’s second-largest payments processor, American Express, following the metaverse path through seven recently filed trademark applications.
Global bank HSBC has also forayed into the Metaverse after signing a partnership with Sandbox. A Wednesday announcement indicates that HSBC has purchased virtual land in The Sandbox — a VR game built on Ethereum — which will help the bank develop a virtual stadium and engage with fans.