coincodex.com
Meta CEO Mark Zuckerberg has unveiled that the leading photo-sharing platform Instagram would soon be receiving non-fungible token (NFT) features. While Zuckerberg refused to share the exact release timeline, the CEO did reveal that the NFT offering would be rolling out “in the near term.”
Key takeaways:
- Speaking at this year’s South by Southwest (SXSW) film and tech festival, Zuckerberg hinted that Instagram users would soon be able to display their existing digital collectibles directly on the platform.
- Zuckerberg also said that users would be “hopefully” able to mint new digital items directly on the platform itself. He was hesitant to reveal any additional information about the upcoming NFT-related features but did suggest they would be going live periodically “over the next several months.”
- Last October, Facebook rebranded to Meta and showcased its commitment to the metaverse and the broader Web3 sector. In addition, the social media giant had previously also been developing its own stablecoin as a part of the Diem project, which was ultimately scrapped earlier this year.
- Meta’s digital currency wallet Novi, which entered a pilot phase in October, will in all likelihood be vital to Instagram’s NFT plans. The social media giant initially hinted that it is considering supporting NFTs within its wallet as early as last September.