Instagram Exploring the Possibility of NFT Integration
Following a Q&A session over the weekend on the popular social media platform, the chief executive officer of Instagram, Adam Mosseri, has disclosed that the firm is actively exploring non-fungible tokens and the various ways they can be made accessible to their users. This disclosure was made while replying to a question posted by a user asking for his opinions on integrating NFTs into Instagram. In response, the CEO stated that there is
"Nothing to announce yet, but we are actively exploring NFTs and how we can make them more accessible to a broader audience."
The CEO also mentioned the company's commitment to assist content creators stating that, "I think it is an inspiring place that we can play and also help creators." Rumors that the Meta-owned photo-sharing platform intended to venture into the NFT space surfaced earlier this year. It is believed that this is part of the broad goals of Meta and its meta-verse ambitions. According to digital artist Sean Williams, who disclosed part of the plans in May, Instagram was working towards creating an NFT platform and was already in communication with some notable artists within the NFT space.
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Popular app developer Alessandro Paluzzi also disclosed details of the possibility of having NFT on Instagram back in June this year. He had at the time posted screenshots of what he called "collectibles" on his Twitter account, which he believed Instagram was working towards integrating on their platform. In October, he also noted that Instagram was still working on the "collectibles" and had added the possibility of connecting a digital wallet like the MetaMask. These details have not, however, been confirmed by Instagram. Paluzzi also affirmed that Instagram intends to support Coinbase and Novi Wallets.
The CEO's comments during the session reveal that just like TikTok, Instagram intends to promote its influencers and their content in a tokenized format.