Mark Zuckerberg – the CEO of Meta – has disclosed that the photo and video sharing application thereof (Instagram) is getting ready to integrate NFTs (non-fungible tokens) on the venue. He stated while appearing in an Austin-based conference of South by Southwest, that they are operating on the NFT inclusion into Instagram which would be accomplished soon. The founder of Facebook did not give details regarding the exact time of the respective move’s implementation.
A newsletter Platformer’s writer – Casey Newton – shared a post on Twitter from the conference that it was additionally mentioned by Zuckerberg that the next months would witness the Instagram consumers’ capability to mint non-fungible tokens through the venue. In the previous October, a historic rebranding of Zuckerberg’s venue from Facebook to Meta took place to center the attention toward the projects related to Metaverse.
The reports of the firm since 2021’s concluding quarter disclosed its Reality Labs, development business as well as virtual reality research-related financial details present losses of more than $10 billion. The metaverse corner of Meta has not gone live up till now and it seems to be difficult for the venue to earn gains from it. This does not count to be the initial attempt of Meta at a project which is related to cryptocurrency.
In 2019, the platform expressed intentions to establish Libra (which was rebranded as Diem afterward), a stablecoin pegged into the USD which did not get succeed because of the regulatory deficiency as well as pushback from the community. Silvergate Capital purchased the project, even though a few former employees from Meta are presently examining the possibilities to restore the open-source stablecoin via constructing an autonomous network.
Social media firms have been pursuing the implementation of NFTs as well as for cryptocurrencies into the venues thereof after the prominent decision of Twitter, in January, to incorporate NFT-based profile pictures. NFT avatars have been implemented by Reddit from the collection thereof as well as OnlyFans (an adult website) to allow for NFT-based profile images in 2020’s December.
The big names from the social media world are not the only companies that are making their way into the crypto sector through such incorporations and offers, the prominent credit card venue named American Express is additionally indicating to have its expansion into the space of the Metaverse, as pointed out by the trademark applications.