NFTs are coming soon on Instagram!

Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg acknowledged that the business is developing technological features that would allow users to show their NFTs on Instagram. While the Meta CEO and creator didn't go into great depth, he did say that non-fungible tokens will be integrated into the company's photo and video sharing program if the Instagram team worked out some of the technical issues.

Key Takeaways

• Instagram's plan to bring NFTs to the platform in the near future has been confirmed by Mark Zuckerberg.

• To move is in line with parent firm Meta's objective of merging with the metaverse, or virtual world.

• NFTs are Meta's second attempt at introducing a crypto-related product, following a failed attempt in 2019 to create Diem, a dollar-pegged cryptocurrency.

• An increasing number of social media networks are experimenting with NFT integration.

There had been rumors that something like this was on the way. Last year, Instagram's CEO Adam Mosseri stated that the company was "actively studying NFTs," but that no official announcements had been made.

We learned in January that Facebook and Instagram teams were working on NFT connections. According to the article, development has been made on features that allow you to use an NFT as a profile and mint NFTs on the platform, as well as conversations about building a marketplace.

Those first two features are in line with what Zuckerberg said onstage, but it's still unclear what minting an NFT on Instagram entails.

Is it possible to sell a popular post as an NFT? Or create NFTs that can be used as passes to allow individuals to see certain stories? Meta hasn't said anything yet; however, it appears that minting capabilities won't be available until later.

Zuckerberg, who was known for wearing the same grey t-shirt every day, also said that he now shops mostly on Instagram and Facebook. "I probably bought most of the items I wear through Instagram, Facebook Shops, or advertisements," he explained.

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Other social networking sites have also begun to incorporate NFTs. Twitter, Inc. (TWTR) began allowing premium members on iOS to upload an NFT profile photo in January, with plans to expand the feature to its Android app and website. A few weeks later, community networking site Reddit followed Twitter's lead and announced that NFT avatars were being tested on their website.

Meanwhile, in February, pay-per-view portal OnlyFans revealed that content providers will be able to utilize NFT profile images created on the Ethereum blockchain. As the popularity of cryptocurrencies and digital product offers grows, social media platforms will continue to explore new methods to monetize the metaverse.

Gas expenses are now a barrier to entry for many NFT markets when it comes to selling NFTs. Will the hypothetical NFT marketplace on Instagram be fully gas-free? Only time will tell if this is true. Zuckerberg, on the other hand, appears to be betting big on Web 3. The fundamental issue is whether or not it will pay off.

What are your thoughts on the Zuckerberg statement about NFT on Instagram? Let us know in the comment below.