According to Meta boss Mark Zuckerberg, NFT support will soon be integrated into the social network Instagram.
Instagram is getting NFT support soon.
The social network Instagram will soon support NFTs. This was confirmed by Mark Zuckerberg, head of parent company Meta, during a session at the South By Southwest conference. However, Zuckerberg did not want to reveal exactly what the NFT integration with Instagram should look like.
NFTs on the rise
NFT stands for Non-Fungible Token and represents a “cryptographically unique, indivisible, irreplaceable and verifiable” token that represents a specific item – whether digital or physical – on the blockchain. Unlike cryptocurrencies, which are also based on blockchain technology, NFTs can only be purchased as a whole. They are unique and not divisible. NFTs have been making headlines lately because some of them have sold for millions.
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NFTs as a profile and sale on a marketplace
There have been rumors about the integration of NFTs with Instagram and Facebook since last year. However, the concrete confirmation is only now available. The integration is rumored to make it possible to use an NFT as a profile, mint NFTs on the platform, and sell them through a marketplace. However, what exactly the minting of NFTs on Instagram could mean is still unclear.
Twitter goes ahead
Zuckerberg also sees NFTs as an opportunity for the Metaverse. The vision of the Facebook founder is to emboss NFTs in the Metaverse as clothing and switch back and forth between different platforms. According to Zuckerberg, however, “a number of technical things” still have to be clarified so that the objects can be integrated well on different platforms. Instagram would not be the first social network to integrate NFTs. Earlier this year, Twitter introduced a feature that would allow users to set NFTs as their profile picture on the platform.