Meta CEO Mark Zuckerberg confirmed at SXSW that NFT implementation and features would be coming to Instagram in the “near term.”
Mark Zuckerberg has confirmed that Instagram will be launching a non-fungible token (NFT) feature soon. The Meta CEO made the statement at South by Southwest (SXSW). The company has already revealed its intentions about NFTs earlier this year, though details were scarce.
Instagram NFT features confirmed
Specifically, Zuckerberg said that the feature would be added in the near term, though he would not say what it was,
“We’re working on bringing NFTs to Instagram in the near term. I’m not ready to kind of announce exactly what that’s going to be today.”
The photo and video sharing app’s development team is currently working on some technical challenges. Zuckerberg was speaking to Daymond John, an American businessman and investor on the hit TV series Shark Tank.
The rumors of Instagram implementing NFTs have been swirling for a long time, before a leak in July 2021 confirmed it. Meta is planning to bring NFTs to both Instagram and Facebook, with the latter featuring a marketplace.
Meta’s metaverse efforts
Meta has been having a torrid past 12 months, with a slowdown in Facebook user growth rate and a tremendous drop in share value. The company has also been in the spotlight for its role as a disinformation platform for trolls and bad actors.
But to turn things out, it has been pouring billions into its metaverse research division. Zuckerberg has also showcased AI projects related to the metaverse, including a smart assistant. The company is clearly hoping to become the go-to platform for metaverse experiences in the future, though it will have a lot of stiff competition.
The metaverse market is estimated to be worth $678 billion by 2030, according to one research report. As such, companies don’t want to fall behind on development. As the decade rolls on, the market will see many more such initiatives from big tech firms.
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