The Meta CEO confirmed NFT on Instagram soon. According to earlier reports that Instagram was preparing to make such move.
NFT on Instagram soon? “We’re working on bringing NFTs to Instagram in the near term,” Meta (FB) CEO Mark Zuckerberg said at a panel at Austin’s South by Southwest Festival on Tuesday.
Instagram is adding NFT soon says Mark Zuckerberg. They quote we are working on bringing NFTs to Instagram in our near term.
The Meta CEO stated adding that he hopes NFT minting will be available in the coming months.
Meta CEO Mark Zuckerberg has revealed that its video and photo sharing application Instagram is preparing to add non-fungible tokens NFTs to the platform. Accordingly, they are working on bringing NFTs to Instagram in the near term.
NFT on Instagram soon?
Zuckerberg reportedly stated in an appearance at southwest conference in Austin Texas. The Facebook founder did not provide specifics on when the implementation would happen.
Casey Newton a writer for the platform newsletter. Casey tweeted from the conference that Zuckerberg said there is hopes in the coming months. The Instagram users would be able to mint their own NFTs on the platform. So yes, user will be able to emit their own NFTs and publish them on the platform for sale in the coming months.
Last October meta famously changed its name from Facebook to focus on its metaverse related projects.
The company reports from last quarter of 2021. This revealed for the first time that financial details of its virtual and augmented reality research and developed businesses reality labs showed losses over 10 billion dollars.
Now to be fair meadows corner of the metaverse is not yet live. So, it would be hard for them to turn a profit at this moment in time.
Now this isn’t meadow’s first attempt at crypto related projects. In 2019 the company signaled plans to create Libra later rebranded. A United States dollar paid stable coin that flunked due to the lack of regulatory approval and community pushback.
The social media companies have been looking to implement cryptocurrencies and NFTs into their platforms. This follows,
Twitter’s famous decision to add support for NFT profile pictures in January.
The Reddit’s implementation of NFT avatars from its own collection.
Also, the adult site only fans enable NFT profile pictures in December 2020.
Now for those who think this is silly just imagine like the skins you buy in call of duty or fortnight. If it allows to start using them on other platforms. They had more utility to them, and they’re not just locked in a game. Where your money is virtually lost with these assets you can trade them.
So, seeing these companies migrating into the NFT space. This just goes to show how big of a space is going to be in the future for NFT.
The McDonald’s Nike a whole bunch of companies making patents right now for their own virtual stores. It’s not only social media giants looking to get in on the action. The crypto offers traditional finance companies are showing their interest in the space. This includes major credit card company American Express. Hinting its expansion into the metaverse according to trademark filings applications to the US patent and trademark office.
This week showed American Express prime to offer virtual banking and exchange services. Cryptocurrency services and enabling the use of credit cards at NFT Marketplace.
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