Main Highlights:
- At an SXSW panel discussion, Mark Zuckerberg disclosed that his company intends to integrate NFTs into Instagram in the “near term.”
- While the CEO and founder of Meta did not disclose specifics, he hinted that non-fungible tokens would be included in the company’s photo and video sharing platform once the Instagram team addressed specific technical concerns.
- IN DECEMBER, Instagram CEO Adam Mosseri stated that the company was “actively researching” NFTs to bring the technology to a bigger audience.
- Mosseri continued in an Instagram story, “I feel it’s a fascinating arena for us to experiment and, perhaps, help creators.”
- Twitter began allowing non-fungible profile photographs for premium users earlier this year — a step short of what Meta is hinting here — but given Jack Dorsey’s crypto fever and the platform’s strong NFT community, non-fungible features may be more at home on Twitter than on Instagram.
Meta desires that you mint money in the Metaverse. During a chat at SXSW, Mark Zuckerberg revealed that his business aims to integrate NFTs into Instagram in the “near term.” While the Meta CEO and creator did not provide specifics, he indicated that including non-fungible tokens into the company’s photo and video sharing software is on the horizon once the Instagram team resolves some technical issues.
In an interview with Shark Tank’s Daymond John, Zuckerberg stated that they are working on integrating NFTs into Instagram shortly. He is not quite ready to declare what that will be today, but over the coming few months, the opportunity to bring some of your NFTs in and maybe mint things inside that environment will be available.
In December, Instagram CEO Adam Mosseri said that the business was “actively studying” NFTs to offer the technology to a broader audience. Mosseri added in an Instagram story that he believes it’s an intriguing space for us to experiment and, perhaps, benefit creators.
Those plans were already in the works: Instagram sponsored “Creator Week” last summer, an invite-only virtual conference that the firm described in its invites as a special gathering for non-fiction creators.
Instagram’s interest in NFTs aligns with that of parent firm Meta, which envisions a prosperous linked virtual world brimming with digital commodities. Zuckerberg expressed optimism that your avatar’s apparel in the Metaverse may be coined as an NFT and transported across locations.
While the company’s NFT objectives are not surprising to anybody following Meta’s ambitions, the integration may be too much for some creators wary of technology.
Twitter permitted non-fungible profile images for premium users earlier this year — a step short of what Meta implies here — but given Jack Dorsey’s crypto hype and the platform’s established NFT community, non-fungible features may be more at home on Twitter than on Instagram.
Additionally, Meta’s track record producing cryptoverse-related goods is, to put it mildly, inconsistent. Faced with opposition from central banks and authorities, the corporation scaled back its big intentions for its cryptocurrency to the point that they bore little similarity to its earlier announcements of game-changing innovation.
Why Is It that Non-Fungible Tokens are Increasing in popularity?
Although NFTs have been since 2015, they are currently undergoing a renaissance due to several variables. First, and probably most visibly, is the mainstreaming and enthusiasm surrounding cryptocurrencies and the underlying blockchain technologies. Beyond the technology itself is a synthesis of fandom, royalty economics, and scarcity rules. Consumers worldwide are eager to participate in the ability to acquire unique digital material and maybe hold it as an investment.
When a non-fungible token is purchased, the purchaser acquires ownership of the material, but it can continue to circulate via the internet. Thus, an NFT might gain popularity – the more times it is seen online, the more value it accrues. When an asset is sold, the original inventor receives 10% of the money, the platform gets a tiny part, and the current owner receives the remainder. Thus, when popular digital assets are bought and sold over time, there is the possibility of continued revenue.
With NFTs, authenticity is paramount. Digital collectibles feature unique identifying information that distinguishes them from other NFTs and makes them easily verifiable, courtesy of the blockchain. Fake collectibles cannot be created or circulated since each item can be traced back to its original inventor or issuer. And, unlike cryptocurrencies, they cannot be directly swapped (like baseball cards are in real life), as no two are identical.
