Facebook CEO Mark Zuckerberg has confirmed reports that the photo-sharing app, Instagram, is aiming at adding non-fungible tokens (NFTs) to its platform.
“We are working on bringing NFTs to Instagram in the near term,” explained Zuckerberg.
According to Casey Newton, a Platformer newsletter’s writer and crypto influencer, Zuckerberg hopes to enable users to make more money from selling NFTs. In January, Instagram had already indicated it is exploring ways of making the NFT technology to more audiences.
Instagram NFTs Cogs with Meta’s Metaverse Vision
The move by Instagram perfectly fits with Meta’s (parent company) vision of integrating with the larger virtual world, referred to as the metaverse. In late 2021, Facebook changed its name to Meta, indicating the direction that the giant brand was taking. At that point, Vishal Shah, the Company’s head of metaverse, said they would also include NFTs.
This will make it possible for users to sell Limited Editions of digital products, such as NFTs, and display them in their profiles. They will even be able to resell them.
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Is It a Second-Time Bet for a Meta’s Digital Product?
Non-fungible tokens (NFTs) are not the first move by Meta to offer digital products. About three years ago, Meta planned to launch a USD-pegged stablecoin, referred to as Diem/ Libra. The digital currency would have become the native currency and facilitated transferring cash between users without using the conventional banking system. However, Libra did not launch.
Social Media Platforms Capitalizing on NFTs
It is not just Meta that is adopting digital assets. In January, Twitter allowed its users on iOS to add NFT profile pictures and planned to roll out the same technology on Android. Reddit, another community networking site, followed Twitter, indicating they were testing NFT avatar use on its platform.
In February, OnlyFans, a pay-per-view site, announced that it would allow content creators to use NFT profile pictures from the Ethereum blockchain. Social media is expected to become central in driving NFTs technology to optimize returns from the metaverse.