Max E.Wed, Mar 16, 2022 8:00 PM
Mark Zuckerberg Confirms NFTs On Instagram
On March 15, Meta (formerly Facebook) founder and CEO Mark Zuckerberg confirmed rumors of NFT integration into the well-known photo and video sharing app Instagram during the South by Southwest (SXSW) conference in Austin.
Zuckerberg did not give an exact date for the introduction of the new feature. However, he announced that NFTs will be coming to Instagram "very soon".
Zuckerberg also hinted at the prospects of the company he manages, saying that Meta users will be able to "create NFTs in this environment." In particular, the head of Meta says users will be able to mint NFTs in the form of their Metaverse avatars' clothing.
Earlier, the Financial Times reported on Meta's plans to introduce non-fungible tokens on Instagram and Facebook, as well as the development of the corporation’s own NFT marketplace. In December 2021, Instagram CEO Adam Mosseri stated that the company was "actively looking into NFTs" but did not elaborate.
Zuckerberg's statement has already been criticized by some analysts. They were quick to remind the founder of Meta that so far he has not been able to implement a single project related to digital assets.
For example, Zuckerberg's attempt to join the metaverse has not succeeded. In October last year, Facebook changed its name to Meta and created a research division called Reality Labs. According to the company's financial statements, about $10 billion was spent on the activities of Reality Labs, but the company's entry into the metaverse did not take place.
However, Instagram's interest in NFTs and the concept of the metaverse is not surprising, as these areas fit perfectly with Meta's mission to create an interconnected virtual world of digital assets.