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Mark Zuckerberg Says NFTs are Arriving At Instagram Soon

The CEO of Meta, the parent company behind Instagram has confirmed that NFTs will be arriving to the photo and video sharing platform.

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Photo by Solen Feyissa / Unsplash

The CEO of Meta, the parent company behind Instagram, has officially confirmed on Tuesday that NFTs shall be arriving on the picture and video sharing application.

The announcement was made by Zuckerberg at the SXSW conference, though he did not specify a release date for their drop on the platform.

Rumors regarding NFTs coming to Instagram have been circulating for months now, with a ton of people predicting that users will gain the ability to mint new NFTs on Instagram, on top of being able to share the ones they already possess as part of their collection.

Amid Zuckerberg’s speech, he also made note of his hopes that one day users will be able to mint their digital avatars’ clothes as NFTs, though he admitted that a lot of work needs to be done before what he envisioned can come to pass.

This venture is not at all the first foray the Meta CEO has had when it comes to blockchain technology. In 2019, he tried to launch the infamous digital currency titled Libra, though his efforts were seemingly in vain thanks to the incredibly political and regulatory blowback he had to deal with.

Various founding members of the so-called Libra Association departed the project within the span of mere months of its announcement after they felt the pressure from the U.S. Senators Sherrod Brown (D-OH) and Brian Schatz (D-HI). Come January 2022, Libra, which was at the time called Diem, was officially dead.

During a more recent virtual event that took place last October, Zuckerberg made an announcement regarding Facebook’s rebranding, stating that it’d be called Meta, with its focus being to bring the metaverse to life and help people connect with each other.

Investors have had a poor reaction to the news of Facebook’s rebrand and pivot to the metaverse, which is evident since Meta’s shares have tanked more than 20% since the announcement was made.

The news on Tuesday pertaining to Instagram’s NFTS appeared to invoke little response from investors. Meta’s shares closed up to 3% on a day when the market overall was up about the same.

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