NFTs are set to come to Instagram.
Non-fungible tokens - which operate almost as a one-of-a-kind trading card and at their highest level are part of Ethereum cryptocurrency - are set to be made available on the Meta-owned photo sharing platform, according to CEO Mark Zuckerberg.
Speaking to SXSW Conference , he said: "We are working on bringing NFTs to Instagram in the near term. I’m not ready to announce exactly what that’s going to be today, but, over the next several months, the ability to bring some of your NFTs in, and hopefully over time be able to mint things within that environment."
The Facebook founder also of of the Metaverse at the annual tech festival which is held in Austin, Texas - a lucrative interconnected virtual world - in connection with digital goods, noting that he hopes NFTs can be incorporated into clothing that can be worn by avatars in the virtual platform.
He said: "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."
It comes amid the Meta company having "actively explored" launching NFTs on Instagram since at least December 2021, with Head of Instagram Adam Mosseri confirming that they are taking an interest.
He said: "Nothing to announce yet, but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience. I think it’s an interesting place that we can play … and also a way to hopefully help creators."
