Sooner Instagram audience will see NFTs on their Instagram platform. We all know, Instagram’s parent company Meta is all set to enter metaverse. The social media platform is working on building features compatible to implement NFTs. These NFTs will play a key role in unlatching creative expansion in the metaverse.
As per CNBC reports, Instagram has almost 2 billion active users. Meta is looking to make the most out of NFT by unifying another marketplace. As per recent reports by Financial Times, both the platforms are testing to enable users to create their own NFTs and display it as profile pictures. All the social media platforms and micro-blogging sites are practicing blockchain technology to implement crypto-based NFTs on their platform. Along with Twitter and Reddit, Instagram is “definitely looking at a number of ways” to maximize its digital collectibles.
Both Instagram and Twitter are working hard so that their creators can monetize their collectibles and posts. “Nothing to announce yet, but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience”, by Adam Mosseri, Instagram Head.
Meta, wants its creators to have programmable money within a smartly built blockchain and it is going to be transformational for the metaverse. The users can build new business models for their NFTs.
It is also speculated that Meta might introduce its own digital marketplace for NFTs for which the company is still exploring the methods.