Instagram is looking for a way to bring NFT to its two billion-user platform as its parent company Meta is betting on the metaverse. CEO Adam Moseri said over the weekend that the platform is working on features that include non-fungible tokens.
While NFTs are popular as contemporary art or collectibles, they are also the digital key to discovering the metaverse as they enable ownership and transfer in the virtual world. Moseri said Instagram has nothing to announce yet, but the company is actively exploring NFTs and ways to make non-fungible tokens more accessible to a wider audience.
NFTs are traded on the Web, are often associated with cryptocurrencies, and typically use blockchain technologies. In 2021, they received a ton of attention. NFT's sales in 2021 have grown to an impressive $ 12 billion, driven by technology-heavy brands like Adidas and Nike and the success of digital artists like Beeple .
While Moseri did not go into details on Instagram's non-fungible tokens, it is speculated that the social network could provide its users with tools to showcase the NFTs they have created, or allow people to pay subscriptions to their favorite content creators.
The first rumors about Instagram's plans related to NFT surfaced back in July this year, when screenshots of a social network application leaked to the Web, showing a section for working with non-fungible tokens. Instagram is likely to offer users integrations with cryptocurrency wallets like Coinbase, MetaMask, and Facebook's Novi.
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