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Instagram to become world's largest NFT marketplace

Mark Zuckerberg said that NFTs would soon integrate into Instagram, making the social network the world's largest non-fungible token marketplace.

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Instagram to become world's largest NFT marketplace (Photo by Alexander Shatov on Unsplash)

Zuckerberg advanced the news at the South by Southwest (SXSW) conference in Austin (Texas). Meta focused on building the Metaverse announced plans to bring NFTs to its social platforms in January. The company reported that Instagram and Facebook would allow its users to trade NFT digital assets.

Instagram, NFTs, and virtual wearables

At the moment, the Facebook creator has declined to disclose details of how developers will carry out the integration of these digital assets into Instagram, as there are still many unresolved technical issues. Platformer author Casey Newton gave an account of part of Zuckerberg's statements at SXSW. "Mark Zuckerberg just said that 'hopefully' in the next few months you'll be able to mint NFT within Instagram," Newton said. The statements suggest that the social network for uploading and posting images and videos could become a platform for NFT, allowing its users to mint, store, display, and trade non-fungible tokens (NFT).

Meanwhile, Financial Times journalist Hannah Murphy noted that Zuckerberg hopes to mint on her Twitter feed, as NFTs, digital avatar wearables.

Social media's bet on NFTs

NFTs are opening doors to new possibilities for content creators, and more and more social platforms are looking to integrate them. Through NFTs, artists and creators can offer exclusive content to their fans, allowing them new forms of monetization and a closer and more direct connection with their audience.

Other social networks, such as YouTube, owned by Google, Twitter, and Tik Tok, integrate NFTs into their platforms to empower creators. Twitter already allows its users to authenticate NFTs to display them on the network as profile pictures. YouTube and Tik Tok are rushing to implement NFTs as digital tools. They aim to provide creators with a new way to showcase their work and reward them.

Meta, a Metaverse without limits

At the end of September 2021, Meta announced a 5-year $50 million investment to build its Metaverse. The company has created the XR Research and Programs Fund to explore the virtual world's opportunities, benefits, and implications. It also claims to collaborate with global legislators and regulators to experiment with new technologies responsibly. Somehow, Zuckerberg doesn't want to repeat what happened with Diem (formerly Libra), the Meta-backed stablecoin project he had to sell at the end of January due to regulatory pressure to Silvergate bank.

As for its Metaverse, Meta reported that it would be an inclusive space that will redefine how we interact, work, and connect. Its Metaverse will allow users to share and hang out with friends, work, play, exercise, study, learn, shop, create new digital businesses, and much more.

Immersive experiences

The company wants to evolve from the 2D experience to new immersive experiences, such as virtual and augmented reality. It announced its name change from Facebook to Meta in October last year to reflect its new focus.

Meta keeps under its umbrella the world's most important social networks and applications: Facebook, Instagram, Messenger, and WhatsApp. The latter integrated Meta's digital wallet, Novi, to enable cryptographic payments with the Pax Dollar (USDP) stablecoin in the United States.

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