The Meta CEO was in Texas at the South by Southwest conference where he claimed that NFTs could soon be a thing on Instagram, which has excited people vested in the crypto industry.
We’re working on bringing NFTs to Instagram in the near term.
However no specifications were provided on the integration of NFTs on the video and photo-sharing application, Instagram. The statement was first confirmed on Twitter by a writer for the Platformer newsletter, Casey Newton who tweeted from the conference that Zuckerberg hopes to bring NFTs on Instagram in the near future.
The founder of Facebook, Mark Zuckerberg changed the company’s name to Meta platform to make it evident that priority focus will be on metaverse-related projects and integrating them on existing social media platforms owned by Meta.
Meta’s 2021 Q4 results revealed that Reality labs, its virtual and augmented reality research and development business is under loss, which currently stands at $10 billion. However, the metaverse end of Meta platforms hasn’t gone live, so even generating revenue is out of question.
The earnings report ended with the company saying that they expect “continued headwinds from both increased competition for people’s time and a shift of engagement.”
CEO Mark Zuckerberg also had plans to launch Meta’s cryptocurrency— Libra. The Diem Association (formerly Libra) closed down and sold its assets worth $200 million to Silvergate bank. This ended the social media giants’ ambitions for a global stablecoin. It faced pressure from authorities in the U.S. and the exit of several founding members like Paypal, eBay, Stripe, Visa, and Mastercard. Although they launched a crypto wallet named Novi, it will not host Diem but Paxos stablecoin.
Social media organizations have been hoping to carry out cryptocurrencies and NFTs into their platforms following Twitter’s well known choice to add support for NFT profile pictures in January. Reddit too carried out NFT avatars from its collection and 18+ site OnlyFans empowered NFT profile pictures in December 2020.