Instagram CEO said the company is “actively exploring” NFT integration.

According to the CEO of Instagram, the firm is the latest social media giant to broaden its research of nonfungible tokens (NFT) integration into its platform.

According to Instagram’s CEO, Adam Mosseri, the site is aggressively investigating NFTs and methods to make them more accessible to its growing user base.

According to accounts, Mosseri made the remarks during an Instagram Q&A over the weekend. One option is to classify Instagram pictures with NFTs as “collectibles.” He stated that there had been no formal statement, but that things appeared to be taking place behind the scenes.

“Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a broader audience.”

Earlier this year, the Facebook-owned photo-sharing social network was reported to be experimenting in the NFT area. It is feasible that a partnership with Meta and its vast metaverse ambitions may take place.

Sean Williams, a digital artist, exposed some of these ideas back in May, when he stated that Instagram was developing on an NFT platform and reaching out to potential NFT artists.

In late June, app developer Alessandro Paluzzi revealed information regarding the viability of NFTs on Instagram. He uploaded screenshots of the “Collectibles” at the time, claiming that the social media platform is actively working on incorporating them.

In October, he stated that Instagram is still working on “Collectibles,” including the option to integrate a digital wallet like MetaMask. Paluzzi said in early December that new wallets have been added, notably noting Coinbase, TrustWallet, and Novi.

Mosseri also revealed a few new features, including profile embeds, which allow users to embed photographs and videos into their accounts. This may also be related to “Collectibles” if individuals choose to utilize their NFT as their profile image, as many do on Twitter.

As the year comes to a close, the nonfungible token market remains a hive of activity. According to Nonfungible, a website that follows the business, sales totaled $335 million in the previous week. NFT weekly sales had increased 12,780 percent since the beginning of the year, when only $2.6 million was moved every seven days.

Patrick

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