Mark Zuckerberg confirmed the implementation of NFTs on Instagram. Meta’s developers have not yet announced when precisely non-fungible tokens will appear, but the integration is already underway.
As part of the SXSW show, Meta founder Mark Zuckerberg announced that Instagram would support non-fungible tokens. Karissa Bell, a senior editor at Engadget, reported this in her article. It is unclear when the social network will integrate NFTs into its ecosystem. However, according to Bell, Zuckerberg assured that this would happen soon.
In December 2021, the head of Instagram, Adam Mosseri, spoke about NFT support. Then, as part of the AMA stream, Mosseri noted that the social network researched scenarios for introducing tokens. The head of Instagram also mentioned that he considers non-fungible tokens “an interesting place” through which the social network can help digital content creators develop.
In early January 2022, the media reported that Meta plans to allow users to post and sell their NFTs on Facebook and Instagram social networks. In addition, the tech giant plans to launch an NFT marketplace, one of Meta’s most significant moves in the market. The new NFT marketplace will likely be launched on the Facebook platform, but company executives have not yet confirmed this information.
Despite the declining NFT-avatar market, trendy projects remain relevant amid the major social network’s implementation of NFT-profile pictures. One of them is the first ever-aging NFT-avatars project, “Novatar,” which recently sold out 1,500 Novatars during Wishlist Sales. The primary sales have not yet started, but the creators will make an announcement soon.
Since the announcement of Metaverse, NFT-avatars have been appearing in major social networks. In January 2022, Twitter Blue introduced the functionality for setting NFT as an avatar. The new tool is based on the API of the popular OpenSea NFT marketplace. iOS users will be the first to get access to the new functionality. At the same time, Twitter came under criticism from the founder of Tesla, Elon Musk, who stated that the company could use these resources for more valuable things.
OnlyFans, a leading content creator platform famous for its “adult content,” has also announced the support for non-fungible tokens on the Ethereum blockchain as profile pictures. When setting a collectible token as an avatar, an ETH icon will be displayed on the image, confirming that the user owns the NFT.