Zuckerberg Announces Instagram Will Incorporate NFTs Zucker | NFT⚡️TECH
Zuckerberg Announces Instagram Will Incorporate NFTs
Zuckerberg hopes users will be able to mint NFTs on the platform
Facebook founder Mark Zuckerberg confirmed earlier reports that video and photo-sharing app Instagram plans to add non-fungible tokens (NFTs) to the platform. The Meta Platforms Inc. (FB) CEO told Shark Tank’s Daymon John at the South by Southwest conference in Austin, Texas, on Tuesday that the popular social media app plans to offer NFTs shortly.
“We’re working on bringing NFTs to Instagram in the near term," Zuckerberg said.
KEY TAKEAWAYS
• Mark Zuckerberg confirms Instagram plan to add NFTs to the platform in the near term.
• To move aligns with parent company Meta’s vision of integrating with the virtual world, known as the metaverse.
• NFTs are Meta's second attempt at launching a crypto-related product, after the 2019 effort to initiate a dollar-pegged cryptocurrency called Diem.
• A growing number of social media companies are testing NFT integration on their platforms.
Zuckerberg hopes users would be able to mint their own NFTs on the platform within the coming months, Platformer newsletter writer and crypto influencer Casey Newton tweeted to his 152k followers. Last December, Instagram—which has more than a billion monthly active users—said it was actively exploring bringing NFT technology to a wider audience.
“I think it’s an interesting place that we can play and also to hopefully help creators,” Adam Mosseri, Instagram's head of programming, posted to the platform.
