Whether you love them or despise them, NFTs will be on Instagram soon. “In the near term,” Mark Zuckerberg said at SXSW, confirming that digital collectibles would come to Instagram sometime in 2023.
He said that they are working on bringing NFTs to Instagram in the near future. He didn’t give a lot of details, but he said that people will be able to show their existing NFTs on Instagram and maybe even create new ones. However, he didn’t announce exactly what this will look like.
With the rise of blockchain technology, many businesses are developing their own digital assets in order to extend their reach and disrupt existing marketplaces. Meta founder Mark Zuckerberg stated his intention to explore NFTs during a meeting with journalists last month. Instagram’s top executive, Adam Mosseri, previously said the firm was “actively looking” into the technology. The Financial Times reported in January that Meta is attempting to integrate NFTs into its crypto wallet Novi.
Zuckerberg said that NFTs (non-fungible tokens) could play a role in the company’s eventual metaverse. The metaverse is a virtual world where people can interact. He hopes that someday, you will be able to use NFTs to represent the clothing your avatar wears in the metaverse. However, there are still some technical issues that need to be resolved before this will be possible.
Mark Zuckerberg, who was notorious for wearing the same gray t-shirt every day, also stated that he now shops most of his purchases on Instagram and Meta. “I’m sure I probably bought basically everything I wear through Instagram, or Meta Shops, or ads,” he added.