Mark Zuckerberg, CEO of Facebook parent Meta, said the company this week began testing digital collectibles on photo and video-sharing platform Instagram, signaling a move toward adding NFTs.
In an interview with Impact Theory's Tom Bilyeu on Facebook Monday, Zuckerberg said the move to test digital collectibles on Instagram is the first step toward allowing creators and collectors to display NFTs on other apps controlled by Meta, These apps include WhatsApp, Facebook Messenger and Facebook. According to the CEO, Meta plans to “bring similar functionality to Facebook soon” and develop “augmented reality NFTs” for Instagram.
Source: Mark Zuckerberg's Instagram
The move appears to allow Instagram users to display NFTs as profiles, as Twitter first announced in September 2021 that its users would be able to do so, before rolling out iOS support for NFT avatars in January. Reddit said shortly after Twitter launched NFTs that it was testing the tokens as profile pictures on its platform, while content subscription service app OnlyFans -- which many use to promote adult content -- has offered NFTs since December 2021. NFT profile picture.
Datareportal reports that as of January 2022, Instagram has approximately 1.5 billion users worldwide, roughly half of Facebook's 2.9 billion users. Many well-known users in the crypto space already have accounts with the photo and video sharing platform, and some hackers have taken advantage of this. Cointelegraph reported in April that bad actors hacked BAYC’s Instagram page and shared links to fake airdrops with the project’s more than 600,000 followers.
Since changing its name from Facebook to Meta in October 2021, the social media company has announced a number of initiatives targeting cryptocurrency and Metaverse users. Although the Diem Association shut down its digital currency project Diem (formerly known as Libra) in February, Meta also opened a brick-and-mortar Metaverse-themed retail store on the San Francisco peninsula on Monday.
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