August 7, 2022

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Mark Zuckerberg says NFTs are coming to Instagram ‘short term’

Mark Zuckerberg, CEO of Meta Inc. Instagram is exploring plans to add Irreplaceable icons (NFT) to the platform. “We’re working on bringing NFT to Instagram in the short term,” Zuckerberg said while speaking at the Southwest session.

However, it did not explain how Meta wants to implement NFT on its platforms. “Over the next couple of months, hopefully, being able to integrate some of your NFT elements will eventually fine-tune things within that environment,” Zuckerberg was quoted as saying by The Verge.

The CTO also believes that NFTs could play a role in the company’s eventual metaverse. “I hope you know that the clothes your avatar wears in the metaverse, you know, can basically be couched as an NFT and you can carry it between your different places,” he said. “There’s a lot of technical stuff that needs to be worked on before it can happen smoothly.”

In January, the Financial Times reported Transfer Meta said it is exploring plans to allow users to create, display and sell NFTs on Facebook and Instagram.

Notably, Instagram lead Adam Mosseri said in December last year that his social network was “actively exploring” NFTs. In an Instagram Q&A post to Stories, Mosseri was responding to a question about his thoughts on integrating NFT into Instagram. He said, “Nothing to be announced yet, but we are certainly actively working on exploring NFTs and how we can make them more accessible to a wider audience.” Before that, Zuckerberg also spoke in October about how the metaverse would need to support “ownership of digital goods, or NFTs.”

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Meanwhile, NFTs have gained support from other established web platforms in recent months. According to Dune Analytics, NFTs break monthly business records, posting $4 billion in sales each month. OpenSea saw its monthly trading volume in Ether (ETH) surpass $3.5 billion, breaking all previous records just two weeks before the end of January. In January alone, OpenSea recorded $169 million in daily trading volume.