Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can serve as a medium for commercial transactions. It seems that the Metaverse concept is capitalizing on the adaptability of NFTs.
The Future Of NFTs
Social media giant Instagram is reportedly planning to support non-fungible tokens (NFTs) on its platform in the near future.
According to multiple reports, citing Meta CEO Mark Zuckerberg, the Facebook-owned company is looking to add support for NFTs “over the next several months.”
Zuckerberg also spoke about the importance of the metaverse for his company, saying that it represents the “next chapter of the internet.”
This move would mark a significant shift for Instagram, which has so far largely stayed away from the cryptocurrency and blockchain space. However, given the growing popularity of NFTs, it appears that the platform is now looking to tap into this burgeoning market.
In a recent interview, Facebook’s head of product for AR and VR, Andrew Bosworth, hinted that non-fungible tokens (NFTs) could be coming to Instagram in the near future.
“I think the Metaverse is the next chapter of the Internet,” Bosworth said. “And I think NFTs are a big part of that.” He went on to say that Facebook is exploring how to bring NFTs to its various platforms, including Instagram.
“I think you’ll see us in several months start to roll out some of the experiences around NFTs and the Metaverse,” Bosworth said.
Adam Mosseri also said that the company is looking into NFTs as a way to help users “express themselves.” “I think what’s interesting about NFTs is they do provide a way for people to kind of express themselves,” Mosseri said. “And we’re looking at ways that we could potentially support that on Instagram and in the Facebook ecosystem more broadly. We’re still early in those explorations and don’t have anything to share publicly yet, but it’s something that we’re thinking about and exploring.”
Mosseri also spoke about the potential of blockchain technology, saying that it is “clear” that it is “here to stay.” “I think the Metaverse is the next chapter of the internet. And I think it’s going to be a really big deal,” he said.
This is not the first time that Facebook has shown interest in NFTs. Earlier this year, the company’s CEO Mark Zuckerberg said that he was “exploring” the possibility of creating an NFT marketplace on Facebook. With Instagram being one of the world’s most popular social media platforms, its move into the world of NFTs could have a big impact on the digital collectibles market.
It remains to be seen what kind of NFTs will be supported on Instagram, and how the platform plans to facilitate their use. However, this latest development indicates that the social media giant is taking cryptocurrency and blockchain technology more seriously than ever before.