Facebook founder Mark Zuckerberg confirmed earlier reports that video and photo-sharing app Instagram plans to add non-fungible tokens (NFTs) to the platform.
Mark Zuckerberg confirmed that digital collectibles would be arriving on Instagram “in the near term.” Mark Zuckerberg confirms NFTs are coming to Instagram
Zuckerberg and other execs have previously expressed an interest in NFTs, with Instagram’s top executive Adam Mosseri saying the company was “actively exploring” the technology.
NFTs, or non-fungible tokens, are unique digital items stored on a blockchain, the same network that runs cryptocurrencies. Anything digital - images, videos, even the online version of any article - can be converted into an NFT
Instagram’s interest in NFTs comes in-line with parent company Meta’s aspirations for the future.
The company is working on its metaverse and having NFTs and digital goods on Instagram will only make things better for Meta.