Mark Zuckerberg Touts Instagram NFTs at Media Event

Key Insights:

  • Instagram will allow NFT minting in the coming months.

  • Zuckerberg hopes Metaverse clothing can be tokenized.

  • Launch date was not mentioned, but it is likely to be “in the near term.”

Speaking at the South by Southwest (SXSW) event in Austin, Texas this week, Meta (FB) co-founder Mark Zuckerberg said they are working to bring NFTs to Instagram in “the near term.” SXSW is one of the world’s premier events showcasing music, film, and interactive media.

Zuckerberg was tight-lipped about the specifics but did say that he hoped NFT minting would be made available on the social media platform in the coming months.

Instagram’s foray into the NFT scene was initially reported in December when CEO Adam Mosseri revealed that the social media giant was actively exploring the NFT space.

Minting NFTs on Instagram

Zuckerberg participated in a discussion on the Metaverse when he confirmed the speculation that they would be coming to the photo and video-sharing social networking service.

“We talked about stuff like NFTs and the ability, you know, long-term, I would hope that the clothing that your avatar is wearing in the Metaverse can be minted as an NFT, and you can take it between different places.”

He added that there was a “bunch of technical things” to work out, but nonfungibles will be coming to the platform soon. NFTs provide a way to tokenize real-world things such as art, graphics, photos, and music while providing immutable proof of ownership on the blockchain.

In recent years, the industry has exploded, with daily sales surging into the hundreds of millions of dollars. According to industry tracker, Nonfungible.com, $28 million worth of NFTs were sold on March 15.

Launch Date Not Confirmed

The Meta boss did not confirm any launch dates or specifics but added:

“I’m not ready to announce exactly what that’s gonna be today, but, over the next several months, [people will have] the ability to bring some NFTs in, and hopefully over time be able to mint things within that environment.”

He did mention a greater focus on shopping, though, stating that most of the stuff he wears has probably been purchased through an ad on Instagram or Facebook.

An increasing number of high-profile companies such as Microsoft, Warner, Adidas, Nike, Marvel, and DC Comics have recently made investments and inroads into the NFT industry.

This article was originally posted on FX Empire

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