NFTs or non-fungible tokens will be included into Instagram "in the near term," according to Mark Zuckerberg, CEO of Meta (previously Facebook).
Mark Zuckerberg claimed today at South by Southwest that NFTs would be available on Instagram "ideally" within months.
"I'm not ready to kind of reveal precisely what that's going to be today," Zuckerberg said, adding that Meta was "working on introducing NFTs to Instagram in the near term."
But, in the coming months, the ability to bring some of your NFTs in will hopefully allow us to mint things within that environment."
Instagram CEO Adam Mosseri indicated in December that NFTs were being actively investigated, while a Financial Times piece in January cited two insiders as saying Meta was working on NFT capabilities for its key social media apps, Facebook and Instagram.
The company's exact NFT ambitions are likely to have evolved since then, as it has sold off some of its crypto technology in the form of the Diem stablecoin for $200 million.
On January 31, Meta joined the Crypto Open Patent Alliance, pledging not to enforce its crypto-related patents.
The name of Facebook's firm was changed to Meta in October. It spent approximately $10 billion on its Metaverse push last year. In February, the company's market worth plummeted by about $230 billion, the single greatest daily decline in the history of a US company.
On January 20, Twitter announced the NFT profile image functionality for Twitter Blue users.