NFTs are coming to Instagram, baby! Mark Zuckerberg said Tuesday that these non-fungible tokens are coming to the platform in the near future and that, later on, users will be able to bring their NFTs over and even create them on the app.
Now, he wasn’t really specific on the technicalities or timeline, but it’s also part of a bigger company push into the metaverse. That’s that sort of difficult-to-intellectually-grasp digital reality everyone is talking about. It’s likely there would be some crossover between NFTs on apps like Instagram and the way they could work in the metaverse in the future. Thankfully, though, that world is a little ways away yet.
“We’re working on bringing NFTs to Instagram in the near term," said Zuckerberg at SXSW. “I would hope that, you know, the clothing that your avatar is wearing in the metaverse, you know, can be basically minted as an NFT and you can take it between your different places.”
“Instagram’s M.O. is monetization,” said Sophie Sturdevant, a full-time artist that recently transitioned to NFTs. “It shapes and drives everything they do, even at the expense of their users and the creators that defined their platform early on. I don’t think any of us are surprised to learn that, as soon as there’s another opportunity to make money off the back of artists, they’re doing it.”