Instagram is actively exploring non-fungible tokens or NFTs, according to Instagram’s chief executive officer, Adam Mosseri.
Instagram to enter NFT space
In an Instagram Q&A posted to his Stories, Mosseri replied to a question about his thoughts on integrating NFTs into Instagram. He said, “Nothing to announce yet, but we are definitely actively exploring NFTs and how we can make them more accessible to a broader audience.”
“I think it’s an interesting place where we can play, and also a way to hopefully help creators,” the Instagram CEO added. However, the CEO didn’t announce any specifics about the company adding NFT support. His comments just suggest that Instagram might offer its users tools to showcase the NFTs they create.
In May this year, Instagram hosted its first annual “Creator Week”, which showcased non-fungible tokens and NFT creators. This was designed to help creators grow their following, and monetize their platforms.
Later in July, software developer Alessandro Paluzzi shared details about the possibility of Instagram bringing its own NFTs. On Twitter, he even shared screenshots of Instagram’s alleged plans to incorporate NFTs.
In addition, Paluzzi also shared a feature that allows Instagram users to bid on NFT collectibles within the app. The Instagram posts that will offer NFTs may come with a label named “Collectible” to alert users about the NFT that they purchased. However, Instagram had not confirmed these details.
Paluzzi also noted that Instagram is likely to support Coinbase and MetaMask crypto wallets, as well as Facebook’s Novi wallet. The developer earlier also shared unannounced updates which Instagram later confirmed. This includes giving creators access to more detailed data and testing a Reels payment feature.
Celebs Promoting NFTs
Meanwhile, Ranbir Singh-starrer 83 movie will launch NFTs. The makers have announced that the NFTs will be launched on December 23. Many Bollywood celebrities, including Salman Khan, Amitabh Bachchan, etc have come forward to promote NFTs, and NFT Marketplaces have also been launched in India. Not only celebs but cricketers such as Dinesh Kartik have also ventured into NFTs.