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CEO of Facebook Confirms Testing NFTs on Instagram

Facebook CEO Mark Zuckerberg Announced NFTs on Instagram

The CEO of Facebook, Mark Zuckerberg, confirms that they will be testing the integration of NFTs on Instagram next week. As announced, NFTs will be the newest integration on the popular social media platform, Instagram. In addition, a few U.S. creators will have the chance to use their NFTs as per this update.

The New Feature of Instagram 

NFTs seem to be landing on Instagram soon. On Monday, Zuckerberg shared a video about the implementation of NFTs on Instagram. As explained, the company is looking forward to using digital collectibles on its platforms. Additionally, Tom Bilyeu, an NFT and Web 3.0 enthusiast, interviewed Zuckerberg about this new feature. In regard, Mark confirmed that they are going to test NFTs on Instagram with just a number of U.S. collectors and creators. Moreover, he noted that his company will allow these creators to display their digital collectibles. 

In light of this integration on Instagram, Mark also added that this feature will be tested on Facebook in the near future. However, Zuckerberg did not give many details about the structure of the new feature, nor did he hint at how it will look. He explains that NFTs are a good way to represent something about yourself. In the chain of new features, Mark revealed some of Meta’s plans. He said that Meta plans to add extended reality NFTs to Instagram Stories. They will enable this through their own augmented reality platform called Spark AR.

The Potential of Meta

Following some rumors, Meta is looking to add support for some platforms like Ethereum, Polygon, Solana, and Flow NFTs. Nonetheless, in the published video, Mark did not reveal what networks the initiative will run on. Meanwhile, it is worth mentioning the potential of Meta to launch its own NFT-compatible blockchain. However, this development would require new infrastructure and a user base. In the meantime, most NFT traders today trade on Ethereum and Solana.

As per The Daily Encrypt, in March, Zuckerberg hinted at Meta’s ambitions to support NFTs but gave no further details. NFT enthusiasts assumed that Meta might move into the digital collectibles realm. These assumptions come as other large firms and technological apps such as Twitter, YouTube, and Reddit show support for the crypto creator-driven space. In October, Zuckerberg stated that Facebook had been rebranded Meta, indicating that the corporation would soon be heavily involved in the crypto sector.

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