Mark Zuckerberg Says NFTs Are Coming Soon to Instagram

Mark Zuckerberg Says NFTs Are Coming Soon to Instagram

The Meta CEO’s comments at South by Southwest confirmed earlier reports that Instagram was preparing to make such a move.

“We’re working on bringing NFTs to Instagram in the near term," Meta (FB) CEO Mark Zuckerberg said at a panel at Austin’s South by Southwest Festival on Tuesday, according to a tweet from Engadget Senior Editor Karissa Bell. Zuckerberg added, however, that “I’m not ready to kind of announce exactly what that’s going to be today.”

  • Casey Newton, writer of The Verge’s Platformer newsletter, tweeted that Zuckerberg also said that “hopefully” in the coming months, Instagram members will be able to mint their own non-fungible tokens (NFT) within the app.
  • In January, the Financial Times reported that Meta was working on plans for both Facebook and Instagram members to be able to display NFTs on their profiles, citing sources familiar with the matter.
  • Meta did not immediately respond to a request for more information on Tuesday.
  • In October Facebook changed its name to Meta to reflect its focus on the metaverse and virtual reality.
  • The company said in a presentation at the time that its metaverse would support NFTs.

 

 

 

Zuckerberg also said that NFTs would play a major role in his vision of the metaverse.

“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,” he continues, according to Engadget. “There’s like a bunch of technical things that need to get worked out before that’ll really be seamless to happen.”

Zuckerberg’s statements confirm a report from Financial Times in January that Meta was exploring how to bring NFTs to Instagram. At the time, the plans were in their early stages and both Facebook and Instagram were in the process of designing and “readying” features that would allow users to display NFTs as their profile pictures and also a prototype system that would let users mint new NFTs on either platform. There is also apparently internal discussion of supporting a marketplace for users to buy and sell NFTs, although Zuckerberg did not comment on that particular aspect of NFTs.

Last December, Instagram’s head Adam Mosseri said he believed NFTs were an “an interesting space” that Instagram could actively take a part in to “hopefully help creators.”

By Nelson Wang (Coindesk.com) and Jared Schneider (PetaPixel.com)

Mar 15, 2022

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