The long-standing insinuations that Meta Platform Inc is going to integrate Non-Fungible Tokens (NFTs) has finally been confirmed by Mark Zuckerberg, the co-founder and Chief Executive Officer of the company. According to a tweet shared by Engadget’s Senior Editor Karissa Bell, Zuckerberg confirmed the company is working on bringing NFTs to Instagram in the near term while featuring in a panel at the South by Southwest Festival.
The confirmation of the NFT plans was accompanied by a statement that has left everyone even more enthralled in consideration of what the digital collectibles will be like.
In Zuckerberg’s own words;
“We’re working on bringing NFTs to Instagram in the near term,” but says “I’m not ready to kind of announce exactly what that’s going to be today.”
Although Meta’s chief did not reveal much as to how he plans to Integrate NFTs into the photo-sharing app, he added that users will be able to display the unique NFTs they possess as well as mint new ones within its environment.
Non-Fungible Tokens entered into the main limelight in 2021 with the emergence of collections like the Bored Ape Yacht Club (BAYC) which solidified the existing historic collections like the CryptoPunks.
Instagram has also shown interest in the new technology in the past, as the video and picture sharing app’s boss Adam Mosseri had earlier reported that the company was actively looking at ways of exploring and bringing the new technology to a larger audience.
The virtual collectibles will be powered by the company’s native wallet, Novi, that allows users to trade securely at no cost, although regulators believe that the company is incapable of mitigating the risk associated with the payment system.
The executives at Meta believe that the metaverse is the rave of the moment and as such will be looking to recruit 10,000 staff to work out the technicalities involved for a seamless and effective process of minting NFTs for the virtual world bordering on its core outlets including Instagram.
Meta isn’t the only social media player in the metaverse space, as Twitter in January had launched a feature for its VIP users that allows them to turn NFTs into their display picture.
The metaverse is a limitless virtual world that users can access using avatars. A number of industries in different sectors are looking to mark their space in this new world. Beverage Giants Monster Energy has filed for an NFT trademark while popular football club Barcelona FC is also interested in creating an NFT collection for the sports giant.