NFT implementation and functionalities will be coming to Instagram in the “near time,” according to Meta CEO Mark Zuckerberg, who confirmed this at SXSW.
Instagram’s non-fungible token (NFT) feature will be launched soon, according to Mark Zuckerberg. The statement was made by Meta’s CEO during South by Southwest (SXSW). Earlier this year, the business unveiled its plans for NFTs, though the details were sparse.
Zuckerberg specifically stated that the feature would be implemented in the near future, however, he did not specify what it was.“We’re working on bringing NFTs to Instagram in the near term. I’m not ready to kind of announce exactly what that’s going to be today.”
The development team for the photo and video sharing app is presently working on certain technical issues. On the hit TV show Shark Tank, Zuckerberg was speaking with Daymond John, an American businessman and investor.
Instagram’s implementation of NFTs has been rumoured for quite some time before a leak in July 2021 proved it. Meta intends to bring NFTs to Instagram and Facebook, the latter of which will include a marketplace.
Meta has had a rough year, with a slowdown in Facebook user growth and a significant reduction in share value. The corporation has also come under fire for serving as a disinformation platform for trolls and unscrupulous actors.
However, it has been putting billions of dollars into its metaverse research division. In addition, Zuckerberg has shown out AI initiatives connected to the metaverse, such as a smart assistant. The firm clearly hopes to become the go-to platform for metaverse experiences in the future, despite heavy competition.
According to one study report, the metaverse market will be valued $678 billion by 2030. As a result, businesses do not want to lag behind in terms of development. As the decade progresses, the market will witness many more such attempts from major technology companies.