Zuckerberg stated that he sees users being able make NFTs from the clothes worn digitally by their avatars. He said that NFTs will be coming to Instagram, but didn’t specify when.
Mark Zuckerberg, CEO at Meta, Instagram’s parent company, has confirmed that non-fungible tokens (also known as NFTs) will soon be available to the photo and video sharing app.
Zuckerberg made the announcement at SXSW, but didn’t give a date when NFTs would be available on Instagram. Rumours about the news have been swirling for months with many predicting that users will be able mint new NFTs via Instagram and share those they already have.
Zuckerberg stated that he hopes that one day users will be able mint the clothes of digital avatars using NFTs. However, he acknowledged that there are still many things to do before that happens.
At #SXSW, Mark Zuckerberg just said that “hopefully” in the coming months you’ll be able to mint NFTs within Instagram
— Casey Newton (@CaseyNewton) March 15, 2022
This isn’t Zuckerberg’s first venture into blockchain technology. The CEO tried to launch Libra, a digital currency that he wanted to create in 2019, but it was stopped by massive regulatory and political resistance.
After being pressured by the U.S., several of the founders of the so-called Libra Association quit the project months after its announcement. Senators Sherrod brown (D-OH), and Brian Schatz(D-HI) were among those who left the project within months of its announcement. Libra, then known as Diem, had died in January 2022.
Zuckerberg also announced, at a virtual event in October, that Facebook would rebrand to Meta. He said the company’s focus would be to bring the metaverse alive and help people connect.
Investors have not reacted well to Facebook’s metaverse pivot and rebrand. Meta shares have plummeted more than 20% since the announcement.
Investors did not respond to Tuesday’s announcement about the Instagram NFTs. Meta shares closed at 3%, while the overall market was about the same.
