Facebook parent company Meta will introduce non-fungible tokens on Instagram sometime in the coming months. Meta CEO Mark Zuckerberg made this known during the South by Southwest conference in Austin, Texas.
Engadget, among others, wrote down Zuckerberg’s words, although he did not want to say much yet. Zuckerberg did indicate that this introduction should take place in the next few months. Users should then be able to ‘put in some of their NFTs’. According to the CEO, it is also gradually becoming possible to start minting new NFTs, or publishing tokens on the blockchain, so that they can be traded. It is not yet clear how exactly NFTs on Instagram will work and what this will yield users.
According to Zuckerberg, it is also intended that NFTs will eventually play a role in the metaverse. “I would hope that the clothes your avatar is wearing in the metaverse can actually be minted as an NFT and you can take them to different places,” he said. Zuckerberg acknowledges that a lot of technical stuff still needs to be worked out before that works seamlessly.
It’s not news that Instagram is interested in NFTs. Adam Mosseri, the head of Instagram, said last year that his team was actively investigating how to introduce NFTs, but he did not provide further details or release date at the time. There are more social media that are interested in NFTs. For example, in January Twitter added a specific implementation for iOS called NFT Profile Pictures† YouTube may also support NFTs, given what YouTube CEO Susan Wojcicki wrote on YouTube’s official blog in January.