In the midst of the SXSW Conference and Festivals in Austin, Texas, Mark Zuckerberg confirmed that NFTs or non-fungible tokens are coming to
Instagram, according to information from Engadget.
The founder and CEO of Meta Platforms said the company was working to bring NFTs to Instagram “in the short term.” As for the specific timing of the capability, Zuckerberg added: “I’m not ready to announce exactly what it will be today.” Meta is working on plans to allow users to create and sell NFTs.
However, projects that Zuckerberg has developed with digital assets have previously failed and have not found widespread support from the digital community.
What are NFTs?
The NFT they are a data unit that certifies a unique and unrepeatable digital asset. For example, we can imagine them as the chips that are used in the casino to be able to exchange and pay for certain things within this same digital ecosystem.
This computer representation of currency maintains its value and acquires a specific code that verifies its authenticity. In addition, it can be transmitted in the market dynamics.
On the other hand, since they are exclusive digital objects, they could one day be worth millions of dollars.
The total crypto market capitalization, according to CoinMarketCap, grew by 4% on the day, to $1.82 trillion. The Bitcoin Dominance Index rose 0.2 points to 42.8%.
The cryptocurrency fear and greed index added 3 more points in one day, to 27, going from extreme fear to just fear.
Bitcoin demand was supported by its rise for the second day in a row, helped by strengthening stock indices and a weakening dollar. On Wednesday, the US Federal Reserve raised rates by 0.25%, but comments from market participants seemed dovish than expected, sending the dollar lower.
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Mark Zuckerberg confirms arrival of NFTs on Instagram