A meeting with Mark Zuckerberg, while at SXSW, it was revealed that his business intends to integrate NFTs into Instagram in the "near term." However, while the Meta CEO and creator did not provide many specifics, he did state that the incorporation of non-fungible tokens into the company's photo and video sharing application was "on its way" once the Instagram team worked out some of the technical issues.
Facebook founder Mark Zuckerberg revealed in a talk with Shark Tank host Daymond John that the company is working to bring NFTs to Instagram in the near future. The ability to put some of your NFTs into the ecosystem, and hopefully at some point be able to mint things within that ecosystem, is something I'm not ready to reveal exactly today.
According to Instagram's Head of Product, Adam Mosseri, the business is "actively studying" NFTs with the objective of making the technology available to a broader range of users in the future. According to Mosseri, "I think it's an exciting location where we can play and also maybe benefit producers," he stated in a video shared on Instagram.
Those plans had already been put into motion: When Instagram conducted "Creator Week" in the summer of 2016, it was an invite-only event that the business described in its invitations as a "exclusive event for non-traditional (NFT) artists."
Instagram's interest in non-financial tokens (NFTs) aligns with the bigger goal of parent firm Meta of a prosperous interconnected virtual world filled with digital products. According to Zuckerberg:
While the company's NFT plans aren't a significant divergence for anyone who has been following Meta's aspirations, the integration of the tech may be difficult for certain developers who are wary of it.
Because of Jack Dorsey's crypto excitement and the platform's already-existing NFT community, non-fungible features may be more at home on Twitter than on Instagram, which is where Meta is hinting at a possible integration.
There's also the issue of Meta's track record of products in the cryptoverse, which is, to put it mildly, spotty so far. When confronted with opposition from central banks and authorities, the corporation scaled back its ambitious plans for its own cryptocurrency to the point where they bore little similarity to its original claims of being an industry-shaking innovation.
Image by Pete Linforth from Pixabay
Facebook founder Mark Zuckerberg revealed in a talk with Shark Tank host Daymond John that the company is working to bring NFTs to Instagram in the near future. The ability to put some of your NFTs into the ecosystem, and hopefully at some point be able to mint things within that ecosystem, is something I'm not ready to reveal exactly today.
According to Instagram's Head of Product, Adam Mosseri, the business is "actively studying" NFTs with the objective of making the technology available to a broader range of users in the future. According to Mosseri, "I think it's an exciting location where we can play and also maybe benefit producers," he stated in a video shared on Instagram.
Those plans had already been put into motion: When Instagram conducted "Creator Week" in the summer of 2016, it was an invite-only event that the business described in its invitations as a "exclusive event for non-traditional (NFT) artists."
Instagram's interest in non-financial tokens (NFTs) aligns with the bigger goal of parent firm Meta of a prosperous interconnected virtual world filled with digital products. According to Zuckerberg:
"I would expect that the apparel that your avatar is wearing in the Metaverse may be minted as an NFT and that you can carry it between different places"
While the company's NFT plans aren't a significant divergence for anyone who has been following Meta's aspirations, the integration of the tech may be difficult for certain developers who are wary of it.
Because of Jack Dorsey's crypto excitement and the platform's already-existing NFT community, non-fungible features may be more at home on Twitter than on Instagram, which is where Meta is hinting at a possible integration.
There's also the issue of Meta's track record of products in the cryptoverse, which is, to put it mildly, spotty so far. When confronted with opposition from central banks and authorities, the corporation scaled back its ambitious plans for its own cryptocurrency to the point where they bore little similarity to its original claims of being an industry-shaking innovation.