- NFTs will be launched on Instagram, said Mark Zuckerberg.
- The launch date will be announced soon.
- Instagram will be the second social media platform after Twitter to integrate NFTs on its platform.
As the craze of NFTs is increasing everywhere Instagram will soon have enough NFTs on its platform. This big announcement has been made by the chief executive officer of Facebook, Mark Zuckerberg.
As per the Verge, Zuckerberg said that after the launch of Non-Fungible Tokens (NFTs) on its Social media giant users will be able to mint it.
NFT or “non-fungible token,” is like a digital certificate generated on a blockchain. NFTs are often generated on Ethereum (CRYPTO: ETH). It ensures ownership of a single digital asset. Minting of an NFT allows artists to monetize their digital assets (anything from art to music to essays) as NFTs.
Mark announced the launch of NFTs on Instagram during a session at South By Southwest. However, he still has not confirmed any date.
During his speech, the Facebook CEO said that he hopes that the users will be able to mint the clothes of their favorite digital avatars as NFTs. But he also admitted that this will take time. The platform still has to cross a few technical barriers to enable such services.
This is not the first time that the News of NFTs integration with Instagram is going viral. Last year Adam Mosseri, Chief of Instagram also hinted that the photo-video sharing platform is exploring NFTs and can soon bring the technology to a wider audience. Meta Company has also hosted an online private event for NFT creators.
Meta company is all set to support NFTs on all its platforms and metaverse.
Instagram is the second in the race to launch NFTs on its platform. Twitter was the first social media giant to enable users to set NFTs owned by them as their profile pictures.
NFTs was started back in 2017 when CryptoPunks was created by Larva Labs, an American studio.