The Non-Funable Token (NFT) feature may soon be available on Instagram. Mark Zuckerberg revealed this in a recent conference. Keep in mind that Instagram is owned by Meta, formerly known as Facebook. Zuckerberg is its CEO. It is being said that Instagram will follow Twitter in bringing a feature like Non-Fungible Token (NFT). Twitter has already started adding features related to NFTs on its platform. This allows people holding digital collections to showcase their virtual assets. NFTs are digital assets that are inspired by many things, including people, pictures, food items, cartoons and game characters.
Mark Zuckerberg talks about Instagram’s NFT plans while speaking at the ‘South by Southwest’ conference in Texas, USA. CoinTelegraph reports its I have reported that Zuckerberg said that Instagram users will ‘expect’ their own NFTs on the app in the coming months. However, nothing has been told about when this feature will be launched.
Social networking platform Facebook rebranded itself with its new name ‘Meta’ on 1 November. Company executives claim to be ready for the Metaverse, which is powered by Augmented Reality (AR). This system will create a fully functional virtual world.
According to Zuckerberg, in the future through the Metaverse, a hologram of a person can be prepared and present where it is needed. Like in the office, with friends, with family. That is, even by staying away, a person will be able to make his close ones feel that they are among them. A Bloomberg Intelligence report states that the Metaverse market will reach $800 billion (about Rs 59,58,719 crore) by 2024.
The NFT will make up the internal elements of the metaverse. This will allow people to connect and interact with them as virtual avatars. For this reason, NFT-related facilities are expected to start on platforms like WhatsApp and Facebook in the coming times.
Other social networking apps such as Reddit, OnlyFans and YouTube are also testing NFT-centric features for their platforms.