Instagram Considers the Possibility of NFT Integration

Instagram “Actively Exploring” NFT Integration

Instagram is “actively exploring” non-fungible tokens (NFT) and the various ways it can be made accessible to its two billion users, according to the company CEO.

Instagram “Actively Exploring” NFT Integration

Following a Q&A session over the weekend on the popular social media platform, the chief executive officer of Instagram, Adam Mosseri, revealed that the firm is researching on non-fungible tokens (NFT) and the various ways it can be integrated onto the social media site.

“Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience,” Mosseri said via his own Instagram Instagram story posted Saturday.

"I think it's an interesting place where we can play, and also a way to hopefully help creators," he added.

While Mosseri didn't provide further details in his Instagram post, his comments suggest that the social network might provide its users with tools to showcase the NFTs they create, or buy NFTs from their favorite creators directly from the app itself.

App developer Alessandro Paluzzi initially shared details of Instagram's NFT-related plans in July, sharing screenshots on Twitter. The tweet suggests that Instagram posts may soon come with a "collectible" label, to mark NFTs held by a user within a dedicated section.

Other features include allowing users to make bids for NFTs directly on Instagram. The photo and video-sharing app is also likely to support Coinbase and MetaMask crypto wallets, as well as Facebook's Novi wallet.

Social Media Revolution and NFT Boom

In July, Instagram's parent company rebranded as "Meta" to transform Facebook from a social media company into a "metaverse company," a move that underlined its desire to explore the NFT and metaverse sector.

"From now on, we'll be metaverse first, not Facebook first," CEO Mark Zuckerberg said at the time.

Instagram isn’t the only social media company that is expanding into the NFT space. Right-wing social media platform Parler announced earlier today that it would expand its business into non-fungible tokens.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Instagram NFT Instagram NFT Adam Mosseri Adam Mosseri NFT Instagram Collectibles Alessandro Paluzzi

Instagram Considers the Possibility of NFT Integration

Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.