During an ask-me-anything (AMA) session, Instagram CEO Adam Mosseri explained how the company was researching Non-fungible token (NFT) technology. Three months later, during the South by Southwest (SXSW) festival in Austin, Texas, Meta’s CEO Mark Zuckerberg revealed that Instagram aims to launch NFTs in the “short future.”
The CEO of Meta Reveals that Instagram will get NFT Functionality
According to claims made by Meta’s CEO Mark Zuckerberg at SXSW this week, NFTs are coming to Insta soon. At the event, Zuckerberg chatted with Daymond John of Shark Tank and revealed that Instagram users will be able to mint NFTs as well.
During an AMA, Instagram’s CEO, Adam Mosseri, revealed the company’s foray into the NFT realm. In addition, near the end of January 2022, the Financial Times (FT) spoke with unnamed persons acquainted with the situation.
According to the Financial Times, unnamed sources claim that Meta and Insta are discussing “launching a marketplace for users to purchase and trade NFTs.” According to Zuckerberg’s details to his Shark Tank co-star, the launch could happen sooner than most people expect. “We are working on bringing NFTs to Instagram in the near term,” the Meta CEO remarked, without providing many details.
Zuckerberg went on to say:
I’m not ready to say precisely what it will be today, but it will include the ability to bring some of your NFTs in, and hopefully the ability to mint things within that ecosystem over time.
Diem IP is being sold by Meta, and the Company Plans to Expand with the Metaverse
Zuckerberg has previously expressed interest in blockchain technology and cryptocurrencies, and his pet goat is said to be named “Bitcoin.” Meta’s cryptocurrency project Diem was recently rejected by the company in order to be sold, and Silvergate subsequently purchased the Diem intellectual property (IP) this year.
Facebook also changed the name of the parent business of the social networking app to Meta. The corporation plans to bolster the metaverse, a network of 3D virtual worlds, with the help of its subsidiary Oculus and other means.
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