Yesterday the CEO of Meta (formerly Facebook), Mark Zuckerberg, announced that NFTs are coming soon on Instagram.
He said this during a conversation with Shark Tank star Daymond John at the SXSW Conference.
Zuckerberg revealed that the company is working on a new feature whereby users will be able to view their NFTs on Instagram and even mint them in the app.
However, he did not add any further details, not even the possible release date.
He only said that in the coming months the possibility of showing one’s NFTs will be added first, and then at a later time the possibility of minting them.
Metaverse goal
Most of the conversation, which lasted 50 minutes, was about the metaverse that the company is developing.
The company’s goal appears to be to give creators further monetization possibilities, with regards to NFTs on Instagram, while generally wanting to make this new technology more accessible to the general public.
In fact, Zuckerberg yesterday also added that NFTs could play a decisive role in the metaverse, since many virtual objects could be freely exchanged using this technology. However, he also warned that there are still many things to do about it in order to get to offer users a trouble-free service.
At this point one would think that the functionality linked to NFTs on Instagram could also be somehow integrated, or connected, to the homologous functionality on the metaverse since surely the NFTs of virtual objects will have their own market.
It is also possible to imagine that Instagram users could simply coin their NFTs and sell them in apps, but the market for virtual objects on the metaverse could be much larger overall.
The beauty of NFTs is that they are just a basic technology, usable in many different ways, for many different purposes in different industries. The tools needed to use it are always the same, regardless of the actual use made of it.
This means not only that it could be easy to integrate a link to the metaverse NFT market on Instagram, for example, but also that it will probably be possible to create links with existing platforms outside the Meta / Facebook world.
In short, the potential could be multiple and gigantic in size, especially thanks to the huge audience that Instagram already enjoys.