Co-founder and Meta CEO, Mark Zuckerberg has said that Non-Fungible Token, NFTs, will be coming to Instagram in the next several months.
According to Zuckerberg, the development – still on the way – would see the integration of non-fungible tokens into the company’s photo and video sharing app as the Instagram team is currently working out some of the technical challenges.
Zuckerberg said during a talk at SXSW via video on Tuesday, in conversation with Daymond John, founder and CEO of Fubu, and one of the sharks on ABC’s Shark Tank that the exact time is not concluded but the development will take place soon.
“I’m not ready to announce exactly what that’s going to be today, but over the next several months, [you’ll get] the ability to bring some of your NFTs in, and hopefully over time be able to mint things within that environment,” he said, describing the future of NFTs, or nonfungible tokens, on the photo-sharing platform.
Apart from NFTs, Zuckerberg talked about the metaverse and reaffirmed the company’s confidence in the concept, stating that NFTs could one day play a role in the company’s eventual metaverse sharing its big vision of a lucrative interconnected virtual world with digital goods.
“I would hope that the clothing that your avatar is wearing in the metaverse can be basically minted as an NFT and you can take it between your different places. There’s like a bunch of technical things that need to get worked out before that’ll really be seamless to happen,” he added.
Instagram wouldn’t be the first social network to equip its platform with the trendy digital assets, which are tied to a blockchain for their identity. Twitter earlier this year introduced a feature that let premium users set an NFT they own as their profile picture.
Youtube also announced that the video-sharing platform is considering Web3 technologies, including NFTs (non-fungible tokens) — a way to certify digital assets stored on the blockchain — as a means of helping YouTube creators make money.