Instagram Will Soon Include NFTs, Says Mark Zuckerberg

Mark Zuckerberg, CEO of Meta, has stated that the company’s video and photo-sharing app, Instagram, is planning to add non-fungible tokens (NFTs) to the platform.

“We’re working on bringing NFTs to Instagram in the near term,” Zuckerberg reportedly said during the South by Southwest festival in Austin, Texas. The Facebook founder did not specify when the deployment will take place.

Casey Newton, a Platformer newsletter writer, tweeted from the conference that Zuckerberg also stated that he expects that Instagram users will be able to mint their own NFTs on the site in the coming months.

Meta notably changed its name from Facebook to focus on its Metaverse-related initiatives last October. The financial details of its virtual and augmented reality research and development firm, Reality Labs, were exposed for the first time in company records from the fourth quarter of 2021, revealing losses of more than $10 billion. Because Meta’s piece of the metaverse isn’t yet operational, it’d be difficult to make a profit from it.

This is not Meta’s first foray into a crypto-related venture. In 2019, the business announced intentions to launch “Libra” (later renamed “Diem”), a USD-pegged stablecoin that failed owing to a lack of governmental authorization and community opposition.

The project was bought by Silvergate Capital, however several ex-Meta personnel are currently attempting to resurrect the open-source stablecoin by establishing their own network.

Following Twitter’s famous decision to introduce support for NFT profile images in January, social media businesses have been attempting to integrate cryptocurrencies and NFTs into their platforms. NFT avatars from Reddit’s own collection were integrated, and pornographic site OnlyFans enabled NFT profile images in December 2020.

It’s not only social media powerhouses wanting to get in on the crypto boom. Traditional banking corporations are exhibiting interest in the sector, with American Express, a major credit card provider, indicating an expansion into the Metaverse through trademark registrations.

This week’s applications to the United States Patent and Trademark Office revealed that American Express is preparing to offer virtual banking and exchange services, cryptocurrency services, and the ability to use its credit cards at an NFT marketplace.

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