NFTs coming to Instagram ‘in the short term,’ says Mark Zuckerberg

Meta Inc. CEO Mark Zuckerberg said Instagram is exploring plans to add non-fungible tokens (NFT) to the platform. “We’re working to bring NFT to Instagram in the short term,” Zuckerberg said while speaking at a Southwest session, Engadget reported.

However, it did not clarify how Meta wants to implement NFT on its platforms. “Over the next couple of months, the ability to incorporate some of your NFTs will hopefully eventually mint things within that environment,” Zuckerberg was quoted as saying by The Verge.

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

In January, a Financial Times report said Meta 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 posted to his Stories, Mosseri was responding to a question about his thoughts on integrating NFT on Instagram. He said: “Nothing to announce yet, but we are definitely actively 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 will need to support “ownership of digital goods, or NFTs.”

Meanwhile, NFTs have been gaining support from other established web platforms in recent months. According to Dune Analytics, NFTs are breaking monthly business records, recording $4 billion in sales each month. OpenSea has seen its monthly trading volume in Ether (ETH) exceed $3.5 billion, breaking all previous records with just two weeks left in January. In January alone, OpenSea posted $169 million in trading volume per day.

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NFTs coming to Instagram ‘in the short term,’ says Mark Zuckerberg