Mark Zuckerberg has announced that Meta will be adding NFTs to Instagram. Despite not going into too much detail regarding what this would look like, he has said in a session at South By Southwest that, “over the next several months [we’re looking at] the ability to bring some of your NFTs in, [and] hopefully over time, be able to mint things within that environment”.
This opens many doors for the social media platform as they have the opportunity to mint NFTs on the app, as well as create a marketplace for them. Users could even, for example, sell a popular post as an NFT, if Meta goes about this in the right way. This announcement hasn’t come out of the blue, however. Instagram’s Adam Mlosseri said last year that they were “actively exploring NFTs” and then in January, there were rumours about Facebook and Instagram were looking at integrating NFTs with the social media platforms.
NFTs can sell for up to millions of dollars, and in fact, it was only in December last year that one sold for $91.8 billion. So, it’ll be interesting to see how much ones go for on social media platforms. Although, Instagram won’t be the first social media platform to integrate NFTs. Twitter has a feature that allows some users to have an NFT as their profile picture.
Either way, the tech world eagerly awaits some actual details about this announcement.
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