Meta CEO Mark Zuckerberg confirmed at SXSW that NFT implementation and features would be coming to Instagram in the “near term.”
Mark Zuckerberg has confirmed that Instagram will soon launch a non-fungible token (NFT) feature. The CEO of Meta made this statement to South by Southwest (SXSW). The company already revealed its NFT intentions earlier this year, though details are scarce.
Instagram NFT features confirmed
Specifically, Zuckerberg said that the feature would be added in the near term, though he would not say what it was,
“We are working on bringing NFTs to Instagram in the short term. I’m not ready to announce exactly what it’s going to be like today.
The photo and video sharing app’s development team is currently working on some technical challenges. Zuckerberg was speaking to Daymond John, an American businessman and investor on the hit TV series Shark Tank.
Instagram rumors implementing NFTs have been swirling for a long time, before a July 2021 leak confirmed it. Meta plans to bring NFTs to both Instagram and Facebook, with the latter having a marketplace.
Meta’s metaverse efforts
Meta has been having a torrid past 12 months, with a slowdown in Facebook user growth rate and a tremendous drop in share value. The company has also been in the spotlight for its role as a disinformation platform for trolls and bad actors.
But to prove it, he poured billions into his metaverse research division. Zuckerberg also showcased metaverse-related AI projects, including an intelligent assistant. The company clearly hopes to become the go-to platform for metaverse experiences in the future, although it will have a lot of fierce competition.
The metaverse market is estimated to be worth $678 billion by 2030, according to one research report. As such, companies don’t want to fall behind on development. As the decade rolls on, the market will see many more such initiatives from big tech firms.
