https://sputnikglobe.com/20220315/mark-zuckerberg-announces-nfts-are-coming-to-instagram-1093906365.html

Mark Zuckerberg Announces NFTs Are Coming to Instagram

Sputnik International

In a session on the metaverse at the South by Southwest conference (SXSW) Meta CEO Mark Zuckerberg announced that Non-Fungible Tokens (NFTs) will be coming to... 15.03.2022, Sputnik International

2022-03-15T22:25+0000

2022-11-03T18:23+0000

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Zuckerberg declined to announce exactly what that will look like but did indicate that users will soon be able to bring their NFTs to the platform.It has been rumored since January that users will at some point be able to create (or “mint”) and sell their own NFTs on the Instagram platform, in addition to displaying them on their profiles. The presumption is that it will use Meta’s digital wallet Navi, which is still in beta.While Zuckerberg’s speech stopped short of confirming those reports, it does lend them more credence. Whatever Meta’s vision, Zuckerberg indicated that there are significant technical hurdles to overcome before it is realized. Navi does not currently have the ability to hold, display or send NFTs.Zuckerberg also mentioned NFTs in the so-called “metaverse” including being able to outfit your digital avatar with unique clothing that could carry over from platform to platform through the use of NFTs.Meta is the parent company of both Facebook and Instagram as well as the producer of the most popular virtual reality headset, the Meta Quest 2 (formerly Oculus Quest 2).NFTs are the latest in the cryptocurrency craze. A non-fungible token is a piece of digital information that cannot be copied. Typically, they are images or other pieces of digital art and are “Minted” on Ethereum or other blockchains, typically through the OpenSea platform. Many advocates hope that digital spaces in the metaverse will enable more use cases for fledgling technology.

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Mark Zuckerberg Announces NFTs Are Coming to Instagram

22:25 GMT 15.03.2022 (Updated: 18:23 GMT 03.11.2022)

© AP Photo / Marcio Jose SanchezIn this May 1, 2018, file photo, Facebook CEO Mark Zuckerberg delivers the keynote speech at F8, Facebook's developer conference, in San Jose, Calif. Sen. Richard Blumenthal, D-Conn., who heads the Senate Commerce subcommittee on consumer protection, called in a sharply worded letter Wednesday, Oct. 20, 2021, for Facebook founder, Zuckerberg, to testify before the panel on Instagram’s effects on children.

In this May 1, 2018, file photo, Facebook CEO Mark Zuckerberg delivers the keynote speech at F8, Facebook's developer conference, in San Jose, Calif. Sen. Richard Blumenthal, D-Conn., who heads the Senate Commerce subcommittee on consumer protection, called in a sharply worded letter Wednesday, Oct. 20, 2021, for Facebook founder, Zuckerberg, to testify before the panel on Instagram’s effects on children. - Sputnik International, 1920, 15.03.2022

In a session on the metaverse at the South by Southwest conference (SXSW) Meta CEO Mark Zuckerberg announced that Non-Fungible Tokens (NFTs) will be coming to Instagram “in the near term.”

Zuckerberg declined to announce exactly what that will look like but did indicate that users will soon be able to bring their NFTs to the platform.

Did I just hear @Meta say out publicly that web3 and decentralization are the only way forward to truly support the Creators Economy and interoperability of assets across experiences with NFTs is key? #SXSW #Metaverse pic.twitter.com/VNcaEqNhQn
— Sebastien 🏞 (@borgetsebastien) March 15, 2022

It has been rumored since January that users will at some point be able to create (or “mint”) and sell their own NFTs on the Instagram platform, in addition to displaying them on their profiles. The presumption is that it will use Meta’s digital wallet Navi, which is still in beta.

While Zuckerberg’s speech stopped short of confirming those reports, it does lend them more credence. Whatever Meta’s vision, Zuckerberg indicated that there are significant technical hurdles to overcome before it is realized. Navi does not currently have the ability to hold, display or send NFTs.

Zuckerberg also mentioned NFTs in the so-called “metaverse” including being able to outfit your digital avatar with unique clothing that could carry over from platform to platform through the use of NFTs.

Meta is the parent company of both Facebook and Instagram as well as the producer of the most popular virtual reality headset, the Meta Quest 2 (formerly Oculus Quest 2).

NFTs are the latest in the cryptocurrency craze. A non-fungible token is a piece of digital information that cannot be copied. Typically, they are images or other pieces of digital art and are “Minted” on Ethereum or other blockchains, typically through the OpenSea platform. Many advocates hope that digital spaces in the metaverse will enable more use cases for fledgling technology.