Speaking at SXSW, Mark Zuckerberg officially confirmed that NFTs are coming to Instagram in the near future. Here’s what users can expect.
NFTs are coming to Instagram in the next few months, Mark Zuckerberg has confirmed. The announcement comes just weeks after a report claimed Meta was working on the implementation of NFTs. Social media companies are beginning to embrace NFTs. Twitter, for example, already allows users to display verified NFTs as their profile pictures.
There are two sides to the NFT world, the NFT artists and then the rest of the big brands jumping into the new trend as it goes mainstream. Like everything else, when NFTs became popular they lost their original intent and gained a lot of value (billions of dollars in fact). Zuckerberg’s vision of the Metaverse fits right into the second angle of the NFT world.
While its no surprise that Instagram is looking to move into NFTs, Mark Zuckerberg officially confirmed the news at a recent session during SXSW (via Engadget). In January 2022, the Financial Times published a report saying that Instagram could take on a step-by-step approach towards NFTs adoption. First, it would allow verified NFT profiles, then NFT posts, and later allow users to create and mint NFTs. Finally, an entire marketplace around the platform would be added.
Grey Lines Between NFTs And The Metaverse
There have been many legal and security issues linked to NFTs. Sites like OpenSea, the biggest NFT marketplace, have been hacked several times. Big project names like Bored Ape Yacht are among those affected, with millions in digital assets lost. Experts say that while ownership of an NFT is verified in the blockchain, in reality, the operation only works as a receipt of payment. They add that NFT copyright infringement cases are also on the rise sided by NFT scams proliferating in peer-to-peer exchange sites.
Instagram will have to approach NFTs with caution but it is unlikely to hold back. Zuckerberg’s vision for Meta and the Metaverse is that of a virtual world where digital objects are unique. From digital wardrobe to virtual land, virtual art, and other digital assets, Meta plans to flood the Metaverse with NFTs. The release of NFTs on Instagram, therefore, is a natural step for Zuckerberg as well as a test-run on NFT management.
Zuckerberg added at SXSW that users will be able to move their NFTs to Instagram and “hopefully over time be able to mint things within that environment”. This is a confirmation that users will be able to create, showcase and sell their NFTs on Facebook and Instagram. The project still has to figure out the details, “a bunch of technical things that need to get worked out before that’ll be seamless to happen,” Zuckerberg added. Either way, it won’t be long before Instagram users will be able to show off their NFTs on the platform.
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