In December 2021, the CEO of Instagram, Adam Mosseri, discussed how the firm was looking into non-fungible token (NFT) technology during an ask-me-anything (AMA) session. Three months later, at the South by Southwest (SXSW) event in Texas, Meta’s CEO Mark Zuckerberg explained Instagram plans to introduce NFTs in the “near term.”

Meta CEO Hints NFT Features Are Coming to Instagram

It seems NFTs are coming to Instagram soon, according to statements from Meta’s CEO Mark Zuckerberg at SXSW this week. Zuckerberg spoke with Shark Tank’s Daymond John at the event, and he explained that Instagram users will be able to mint NFTs as well.

News concerning Instagram’s venture into the NFT world originally stemmed from the company’s CEO ,Adam Mosseri, during an AMA. Furthermore, the news publication the Financial Times (FT) spoke with unnamed sources familiar with the matter at the end of January 2022.

FT’s report quotes unnamed sources that claim both Meta and Instagram are discussing “launching a marketplace for users buy and sell NFTs.” According to Zuckerberg’s details, the launch may be closer than many think. Although the Meta CEO didn’t give many details, he stated that he was working to bring NFTs to Instagram within the next few months.

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.

Meta Sells Diem IP, Firm Intends to Grow With the Metaverse

Zuckerberg has shown interest in blockchain technology and cryptocurrencies in the past and allegedly his pet goat is named “Bitcoin.” Just recently, Meta’s cryptocurrency project Diem was discarded by the firm in order to be sold, and then the Diem intellectual property (IP) was eventually purchased by Silvergate this year.

Facebook rebranded the parent company of the social media app to Meta. The company plans to expand the network of 3D virtual realms known as the metaverse with the help of Oculus, its subsidiary and other resources.

What do you think about Instagram adding NFT technology in the near term? Please comment below to let us know your thoughts on this topic.

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