Instagram is adding NFTs soon says Mark Zuckerberg

Meta CEO Mark Zuckerberg has revealed that its video and photo sharing app, Instagram, is preparing to add non-fungible tokens (NFTs) to the platform.

“We’re working on bringing NFTs to Instagram in the near term,” Zuckerberg reportedly stated in an appearance at the South by Southwest conference in Austin, Texas. The Facebook founder did not provide specifics on when the implementation would happen.

Casey Newton, writer for the Platformer newsletter, tweeted from the conference that Zuckerberg also said that he hopes in the coming months, Instagram users would be able to mint their own NFTs on the platform.

Meta did not immediately respond to Cointelegraph on when NFT functionality would be live.

Last October, Meta famously changed its name from Facebook to focus on its Metaverse related projects. Company reports from the last quarter of 2021 revealed for the first time the financial details of its virtual and augmented reality research and development business, Reality Labs, showing losses at over $10 billion. To be fair though, as Meta’s corner of the metaverse is not yet live, it’d be hard to turn a profit from it.

This isn’t Meta’s first attempt at a crypto related project. In 2019 the company signaled plans to create “Libra” (later rebranded to “Diem”), a USD-pegged stablecoin which flunked due to a lack of regulatory approval and community pushback. The project was purchased by Silvergate Capital, although some ex-Meta employees are now looking to revive the open-source stablecoin through building a network of their own.

Related: Vale Diem: How Facebook’s ambitious stablecoin project came to an end

Social media companies have been looking to implement cryptocurrencies and NFTs into their platforms following Twitter’s famous decision to add support for NFT profile pictures in January. Reddit implemented NFT avatars from its own collection, and adult site OnlyFans enabled NFT profile pictures in December 2020.

It’s not only social media giants looking to get in on the action that crypto offers. Traditional finance companies are showing their interest in the space, with major credit card company, American Express, hinting at its expansion into the Metaverse according to trademark filings.

Applications to the U.S. Patent and Trademark Office this week showed American Express primed to offer virtual banking and exchange services, cryptocurrency services, and enabling the use of its credit cards at an NFT marketplace.

All Dutch and English crypto news!

Vitalik Buterin wants rollups to hit stage 1 decentralization by year-end

Ethereum network standards should increase when considering layer-2 scaling solutions, suggested Ethereum co-founder Vitalik Buterin. News Own this piece of crypto history Collect this article as NFT Join us...

MicroStrategy is trading at an ‘unjustifiable premium’ to Bitcoin: Analyst

Kerrisdale Capital claims MicroStrategy’ is no longer a “unique way to gain access to Bitcoin” but Michael Saylor has long argued his firm will remain...

Mystery malware targets Call of Duty cheaters, stealing their Bitcoin

Malware database vx-underground has warned of a new info-stealing malware in cyberspace that is targeting video gamers, especially those who use cheating software. News Own this piece...

Prisma Finance $11.6M hacker claims it was a ‘whitehat rescue’

The hacker’s on-chain message came approximately six hours after the hack occurred. However, blockchain security firms noted the hacker had also started swapping the stolen...

Beste exchanges

Koop je crypto bij Bitvavo