INSTAGRAM IS GETTING INTO NFT SPACE

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Whether you like them or not, NFTs are coming to Instagram soon. Mark Zuckerberg stated that digital collectibles would be coming to Instagram “in the near term” while speaking at Austin’s South by Southwest Festival.

“In the near future, we’re planning on bringing NFTs to Instagram,” he stated. What kind of integrations are he talking about? Instagram users would ideally be able to mint their NFTs within the platform in the coming months, he said. In other words, the app would act as a marketplace for NFTs. He didn’t go into detail about how it would work, but he did say that users will be able to display their existing NFTs and maybe mint new ones. “I’m not ready to say exactly what that will be today,” he says. But, in the coming months, the ability to bring some of your NFTs in will hopefully allow us to mint things within that environment.”

NFTs had previously piqued the curiosity of Zuckerberg and other executives, with Instagram’s senior executive Adam Mosseri stating that the firm was “actively exploring” the technology. Users will be able to display NFTs on their profiles, according to Zuckerberg. “I would hope that the clothing that your avatar wears in the metaverse can be minted as an NFT and you can take it between your different places,” he said, adding that while these features would likely be available soon, there’s a bunch of technical problems to figure out.

Individuals that follow Meta or are involved in the NFT community should not be surprised by this news. To begin with, Facebook changed its name to Meta in October of 2021. The move was made to represent the company’s shift away from social media and to emphasize its growing interest in metaverse and virtual reality. The Financial Times stated a few months later (in January 2022) that Meta was planned to allow Facebook and Instagram users to show NFTs on their accounts. Zuckerberg now appears to be adding an NFT marketplace to the mix.