Mark Zuckerberg Makes It Official: NFTs Coming to Instagram

Mark Zuckerburg announces that NFTs are officially coming to Instagram. The CEO himself did not reveal much about when will it be implemented and how, but Zuckerburg added that Meta is actively working on it.

NFTs in Instagram

NFTs are officially coming to Instagram. Mark Zuckerburg has shared this officially in an interview.

It has been a known fact that Meta, formerly Facebook, has been delving towards cryptocurrency for a long time now. It has also been reported that Instagram's plan is moving quickly towards progression and that there had already been internal testing done to the feature.

According to Engadget, during Austin's South by Southwest Festival (SXSW), Mark Zuckerburg stated that he hopes to bring NFTs to Instagram in the near future.

He stated: "But we are working on bringing NFTs to Instagram in the near term. I'm not ready to announce exactly what that's gonna be today but, over the next several months, [people will have] the ability to bring some NFTs in, and hopefully over time be able to mint things within that environment."

In addition, Mark Zuckerburg said that the talk happening in Meta about NFTs is for the long-term type of project. He hopes that the clothing of a user's Metaverse avatar can also be minted as an NFT and have the ability to take it to different places.

However, he also added, "I think that there's a bunch of technical things that need to get worked out before."

Last year, Instagram's head of product, Adam Mosseri, stated that the team was "actively exploring NFTs," but that there would be no official announcements.

Every year during mid-March, South By Southwest hosts a conglomeration of parallel film, interactive media, and music festivals and conferences that are all organized by a single organization and held in Austin, Texas.

In 1987, SXSW was founded in Austin, Texas, and has become best known for its conferences and festivals that celebrate the confluence of technology, film, music, education, and culture.

Facebook's Cryptocurrency and Digital Wallet

Meta's company, Facebook, has long been testing its cryptocurrency features for the platform. In October last year, Facebook's cryptocurrency executive stated that the company is testing a "small pilot."

Facebook tested their pilot through the use of Novi, a digital wallet that the company has been boasting and teasing for years.

Marcus tweeted that the pilot is done in the U.S. and in Guatemala only, with the common goal to allow family members in sending remittances across borders for free.

In a series of tweets, Marcus stated, "We're doing a pilot to test core feature functions, and our operational capabilities in customer care and compliance. We're also hopeful this will demonstrate a new stablecoin use case (as a payments instrument) beyond how they are typically used today." He also added that the goal of the digital wallet Novi is to challenge big payments companies.

Facebook and Novi's goal in launching their digital wallet to the public is to help make a difference in the lives of so many people who have been left behind by the current financial system by working together.