Instagram Works To Bring NFTs To A Wider Audience, As Its Meta Parent Goes All Out On The Metaverse | Currency News | Financial and business news
- Instagram is “actively exploring” how to bring NFTs to a wider audience, CEO Adam Mosseri confirmed on Saturday.
- The platform’s move comes after parent company Facebook was renamed “Meta” as it pivoted to the Metaverse.
- The integration could allow people to bid for NFTs directly on Instagram, screenshots from an app developer showed.
- Sign up for our daily newsletter here, 10 things before the opening bell.
Instagram is looking for a way to bring NFTs to its social networking platform and two billion users, as its parent company Meta breaks into the metaverse.
Company CEO Adam Mosseri said over the weekend that he was working on building features that incorporate non-fungible tokens.
While these one-of-a-kind digital assets are popular as modern art or video collectibles, they also serve as a digital key to unlock a metaverse, as they can pass ownership in a virtual world.
âNothing to announce at this time, but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience,â Mosseri said in a statement. Instagram story posted Saturday.
“I think it’s an interesting place where we can play, and also a way, hopefully, to help the creators.”
NFTs are traded online, often tied to a cryptocurrency, and are typically recorded on a blockchain. They experienced an explosion in public interest in 2021. Their total sales so far this year have reached $ 12 billion, in part thanks to big brands like Nike getting into NFTs and virtual worlds.
In July, Instagram’s parent company sparked a wave of interest in the Metaverse when it rebranded itself “Meta” and refocused on the Metaverse, a catch-all term for virtual spaces where people can play. , work, exchange and in general interact digitally using avatars. .
“From now on, we’ll be metaverse first, not Facebook first,” then CEO Mark Zuckerberg said, saying he wanted to turn Facebook from a social media company into a “metaverse business.” “.
But crypto-focused companies like The Sandbox, which seek âdecentralizedâ virtual worlds, fear that big tech companies like Meta may dominate the metaverse just as they dominate social media.
Investors should expect to see a “battle between the native crypto metavers and those launched by games and companies like Meta,” Brock Pierce, chairman of the Bitcoin Foundation, told Insider.
As of December, Instagram had around two billion monthly active users, according to CNBC.
While Mosseri didn’t expand further in his Instagram post, his comments suggest the photo and video-sharing social network could provide its users with tools to showcase the NFTs they create or allow people to follow their photos and videos. favorite designers.
App developer Alessandro Paluzzi first shared Instagram details DTV related plans in July, sharing screenshots on Twitter.
Instagram posts can be accompanied by a “collectable” tag, to mark NFTs owned by a user in a dedicated section, the screenshots showed.
Paluzzi also shared a feature that shows users could be allowed to make offers for NFTs directly on Instagram, and he noted that Instagram is likely to support the Coinbase and MetaMask crypto wallets, as well as Facebook’s Novi wallet.
Paluzzi has previously shared unannounced updates later confirmed by Instagram, including giving creators access to more detailed data and testing a Reels payment feature.
Instagram did not immediately respond to Insider’s request for comment on its NFT plans.
Read more: These 5 crypto stocks under the radar could be set for a monster bounce in 2022, says VanEck’s director of research for digital assets