Mark Zuckerberg: Instagram Will Add NFTs Soon

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

Zuckerberg reportedly said at the South by Southwest conference in Austin, Texas: "We are working hard to bring NFTs to Instagram in the near future." The Facebook founder did not provide a specific timeline for implementation.

Zuckerberg also said he hopes Instagram users will be able to mint their own NFTs on the platform in the coming months, tweeted Casey Newton, author of newsletter Platformer.

At SXSW, Mark Zuckerberg Just Said “Hopefully” You’ll Be able to Mint NFTs on Instagram in the Next Months

— Casey Newton (@CaseyNewton) March 15, 2022

Meta did not immediately respond to Cointelegraph's questions about when the NFT feature would go live.

Last October, Facebook changed its name to Meta to focus on projects related to the Metaverse. The company's fourth-quarter 2021 report disclosed for the first time financial details of its virtual and augmented reality research and development business, Reality Labs, showing a loss of more than $10 billion. Honestly, though, since Meta's corner of the metaverse isn't live yet, it's going to be hard to monetize it.

This is not Meta's first foray into cryptocurrency-related projects. In 2019, the company hinted at its plans to create "Libra" (later renamed "Diem"), a stablecoin pegged to the U.S. dollar, but failed due to lack of regulatory approval and community resistance. The project was acquired by Silvergate Capital, although some former Meta employees now hope to revive the open-source stablecoin by building their own network.

The social media company has been looking to donate cryptocurrencies and NFTs on its platform, following Twitter's decision in January to add support for NFT avatars. Reddit donated NFT avatars from its own collection, and the adult website OnlyFans enabled the NFT avatar function in December 2020.

It’s not just social media giants looking to get in on the action that the crypto industry has to offer. Traditional financial firms have also shown interest in the space, with major credit card company American Express hinting at expansion into the Metaverse, according to trademark filings.

This week, an application filed by American Express with the U.S. Patent and Trademark Office revealed that the company is preparing to provide virtual banking and transaction services, cryptocurrency services, and allow its credit card to be used in the NFT market.

Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.