Instagram’s non-fungible token (NFT) feature will be launched soon, according to Mark Zuckerberg. The statement was made by Meta’s CEO during South by Southwest (SXSW). Earlier this year, the business unveiled its plans for NFTs, though the details were sparse.
Zuckerberg specifically stated that the feature would be implemented in the near future, although he did not specify what it was.
“We’re working on bringing NFTs to Instagram in the near term. I’m not ready to kind of”
“announce exactly what that’s going to be today.”
The development team for the photo and video sharing app is presently working on certain technical issues. On the hit TV show Shark Tank, Zuckerberg was speaking with Daymond John, an American businessman and investor.
Instagram’s implementation of NFTs has been rumored for quite some time before a leak in July 2021 proved it. Meta intends to bring NFTs to Instagram and Facebook, the latter of which will include a marketplace.
Meta’s activities in the metaverse
Meta has had a tumultuous year, with a pause in Facebook user growth and a precipitous decline in share value. The company is under criticisms for serving as a forum for trolls and bad actors to spread misinformation.
However, it has been putting billions into its metaverse research division, as it turns out. In addition, Zuckerberg has shown out AI initiatives connected to the metaverse, such as a smart assistant. Though it will face fierce competition, the firm is clearly seeking to become the go-to platform for metaverse experiences in the future.
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