- YouTube revealed that it is evaluating NFTs for its platform.
- The Instagram team is now ironing out some of the technical aspects.
Mark Zuckerberg, co-founder and CEO of Meta, has said that Non-Fungible Tokens (NFTs) would be introduced to Instagram shortly. Instagram was acquired by Facebook, now Meta for $1B in 2012. Following this breakthrough, which is still in its early stages, the CEO said that non-fungible tokens will be included in the company’s picture and video sharing app, with the Instagram team now ironing out some of the technical problems.
As per reports, Zuckerberg said during an interview with Shark Tank’s Daymond John. that Instagram users would be able to issue their own non-fungible tokens (NFT) inside the app “hopefully” in the coming months.
“We’re working on bringing NFTs to Instagram in the near term. I’m not ready to kind of announce exactly what that’s going to be today. But over the next several months, the ability to bring some of your NFTs in, hopefully over time be able to mint things within that environment.”
Rise of NFTs on Social Media
NFTs, he said, might one day play a part in the company’s future metaverse, which he described as a rich linked virtual world with digital commodities that would be accessible to everyone. For example, the social media platform Twitter added a feature earlier this year that allowed premium users to post an NFT they own as their profile photo. Moreover, YouTube revealed that it is evaluating Web3 technologies, such as NFTs (non-fungible tokens), which serve as a mechanism to certify digital assets held on the blockchain to assist YouTube producers in earning money from their work.