At the SXSW conference, the executive officer of Meta, Mark Zuckerberg, indicated that NFT integration and functionalities will be appearing on Instagram, one of its social media apps, in the “nearest future.”
Recently, Mark Zuckerberg announced that Instagram would soon introduce NFT functionality on its platform for users to benefit from. Meta’s CEO made a comment at the South by Southwest programme (SXSW). In January, the corporation stated its objectives regarding NFTs. However, specifics were not given, but its stance towards NFTs was positive.
Instagram NFT Capabilities Have Been Confirmed
In particular, Zuckerberg stated that the option would be implemented in the future, albeit he did not specify how it would function and its design. He stated that;
“We’re actively working to introduce non-fungible tokens to Instagram soon. I’m not quite ready to say exactly what that will be today.”
The development team for the picture and video uploading app is presently working on specific technical issues. Zuckerberg was conversing with Daymond John, a famous American businessman, on the TV show called Shark Tank.
Instagram integrating NFTs has been rumoured for long before a statement released in 2021 proved it. Meta intends to introduce NFTs to Facebook and Instagram, and Facebook will feature a marketplace where users can buy and sell digital assets.
Meta’s Efforts Towards The Metaverse
Meta has had a rough year, with a halt in Facebook expansion and a significant reduction in stock price. The corporation has also come under fire for serving as a misinformation forum for spammers and unscrupulous actors.
However, it has been pumping billions of dollars into the company’s department that is working on metaverse research. In addition, Zuckerberg has shown out AI initiatives connected to the virtual world, such as an option for a smart assistant. The firm hopes to be the next go-to portal for individuals who want to have a feel of the metaverse. First, the company would have to fend off heavy competition in the sector.
According to research analysis, the metaverse industry would be valued at $679 billion by 2030. As a result, businesses do not want to lag in development. As the year progresses, the market will witness many more similar attempts from significant technology companies trying to secure a spot in the metaverse.
On the other hand, Twitter had already introduced NFT capability some months back when it introduced the profile pic feature. The option allows actual owners of NFTs to use them as profile pictures. The metaverse promises to be a new digital economy that corporations can explore. For this reason, several companies keep pumping billions into gaming, clothing, and lots more.