Facebook confirmed plans to integrate NFTs on Instagram. This will allow people to post and find digital objects such as stickers, emojis or “likes” that represent real cryptocurrency in the form of a virtual asset called an ERC-20 token.
Instagram is one of the most popular social media platforms, with over 1 billion active users on a monthly basis. In recent months, Instagram has been integrating more and more NFTs into its platform. Recently, CEO Mark Zuckerberg confirmed plans to integrate NFTs on Instagram and announced that they will be launching an official Instagram cryptocurrency called “Instagram Coin”. Read more in detail here: selling nft.
Instagram will soon be able to use NFTs, according to the Meta CEO. In the coming months, it’s also rumored that the company would enable customers to mint NFTs on the platform.
The non-fungible tokens (NFTs) bug has “bitten” Meta (Facebook) Chief Executive Officer (CEO) Mark Zuckerberg, who has revealed intentions to allow users of the video and photo sharing app Instagram to mint NFTs on the social media platform. Zuckerberg mentioned during his appearance at the South by Southwest conference in Austin, Texas, although without specifying precise dates:
“In the near future, we’ll be adding NFTs to Instagram,” says the company.
Instagram users would be able to create new NFTs and share the ones they currently have.
From the conference, Casey Newton, a contributor for the Platformer newsletter, tweeted that Zuckerberg also said he expects Instagram users will be able to mint their own NFTs in the coming months.
Mark Zuckerberg just mentioned at #SXSW that you’ll be able to mint NFTs inside Instagram “hopefully” in the next months.
March 15, 2022 — Casey Newton (@CaseyNewton)
For months, the rumor mills have been busy, with many commentators expecting that Instagram will join the NFT universe, allowing users to mint new NFTs and share those already in their collection. It’s no secret that Zuckerberg has his sights on blockchain, and he seems to be focusing on all aspects of the new technology.
In October of last year, Zuckerberg renamed Facebook to Meta in order to concentrate on Metaverse-related initiatives. However, according to corporate statistics for Q4 2021, Reality Labs, the firm’s virtual and augmented reality research and development unit, suffered a $10 billion loss for the first time. This might be due to the fact that Meta’s corner of the Metaverse is still under construction.
NFT avatars from Reddit’s collection have already been integrated.
Meta made its first foray into the crypto world in 2019, when it revealed ambitions to launch “Libra,” a USD-pegged Stablecoin that was eventually renamed Diem. The project, however, came to a halt due to a lack of regulatory permission from US officials. Even though there are speculations that some ex-workers seek to relaunch the project, it was eventually purchased by Silvergate Capital.
As the NFT-mania rages on, social media companies have all been trying to look for ways to implement cryptocurrencies and NFTs into their platforms. Twitter was first in the queue following a decision in January to add support for NFT profile pictures. Social media platform NFT avatars from Reddit’s collection have already been integrated., while adult-site OnlyFans already enabled NFT profile pictures in December 2020.
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Indicating that you intend to make a bid #NFTs #Metaverse #web3 pic.twitter.com/g06qSTUDYH#NFTs #Metaverse #web3 pic.twitter.com/g06qSTUDYH#NFTs #Metaverse #web3 pic.twitter.com/g06qSTUDYH#NFTs #Metaverse #web3 pic.twitter.com/g06qSTUDYH#NFTs #Meta
March 15, 2022 — Mike Kondoudis (@KondoudisLaw)
Traditional banking institutions aren’t left out either, with trademark applications indicating that American Express, the credit card company, aims to enter the Metaverse.
