Meta Founder Mark Zuckerberg announces plans to Introduce NFTs on Instagram

On March 15, Meta Founder and CEO Mark Zuckerberg announced that his company plans to introduce NFTs on the social media network Instagram. The announcement came during the SXSW conference, however, Zuckerberg remained silent on the details of the project.

In his announcement, Zuckerberg stated that NFTs’ integration on the network is “on the way” as the Instagram team is currently working on the technical challenges of the endeavor.

“We are working on bringing NFTs to Instagram in the near term, I’m not ready to announce exactly what that’s going to be today, but, over the next several months, the ability to bring some of your NFTs in, and hopefully over time be able to mint things within that environment,” said Zuckerberg in an interview with Daymond John.

The announcement comes as no surprise as in December of 2021, Instagram CEO Adam Moseri confirmed that the platform was actively exploring NFTs.

“I think it’s an interesting place that we can play and also to hopefully help creators,” Mosseri said in his Instagram story.

Furthermore, the platform’s interest in NFTs follows the wider vision of its parent company, Meta. “I would hope that the clothing that your avatar is wearing in the Metaverse can be minted as an NFT and you can take it between different places,” Zuckerberg said.

Last October, Facebook rebranded itself as Meta to reflect a new focus on developing social experiences in the metaverse. The company wishes to move past the interaction in a two-dimensional setting towards more immersive experiences such as virtual reality. According to metaverse pioneers, these augmented realities are the next chapter for the internet as they will redefine the way people work, play, and connect.

Source: CoinQuora,  SXSW, Investing.com