- During the South by Southwest conference, Mark Zuckerberg stated that in the short term Instagram is behind achieving an NFT market.
- Zuckerberg expects that one of the first items that can be tokenized in an NFT will be avatar clothing.
Non-Fungible Tokens (NFT) are one of the most sought after and used topics today in the crypto ecosystem. This digital art, which works in many ways, could be the future of the art world and many teams are working on its development.
A company as important as Meta, formerly Facebook, could not stay out of this and Mark Zuckerberg reported that Instagram, one of the group’s applications, is behind achieving an NFT market and although he did not give a precise date, the founder said that it will be in the “short term”. This gives the feeling that it will not happen this year.
It was during the “Into the Metaverse: Creators, Commerce, and Connection” session at the South by Southwest conference, taking place in Austin, Texas, and ending Sunday, that Zuckerberg stated that are working to bring NFT to Instagram in the short term though they are not yet ready to say exactly what it will be today.
Regarding the uncertainty about the launch of the platform, Zuckerberg pointed out thatún “there are a lot of technical things to solve”.
Beyond the fact that he was reserved regarding the advances they have had, Zuckerberg said he hopes avatar clothing in the metaverse that the photo and video platform will transform into can be minted like an NFT. This is already happening in the video game space and especially in play-to-earn games, which have gained popularity in recent months.
This crypto project seems to be going very seriously: in January there were reports that Meta was discussing with the board the launch of an NFT market and that negotiations were at an early stage. Two months after that, there seem to be significant advances.
Regarding the metaverse, it is another idea that Zuckerberg has long held when he changed the name to Facebook. This rebranding gave a huge scene blow and considerably increased all similar projects like Decentraland or The Sandbox, for example.
This would come to fruition and not like the Libra project. The idea of launching its own cryptocurrency, which later evolved into a stablecoin called DIEM, has been forgotten and the firm has already dismantled this project. At the time, the United States government and other powers showed their fear and discontent.
The NFT markets are having a good time and are currently moving a lot of money. According to information from DappRadar, during the last month OpenSea, the largest market in the world, registered a volume of more than $2 billion.
If OpenSea were a cryptocurrency it would be in the top 50, not so far from the main digital assets in the market such as Axie Infinity (43rd with $3 billion) or Decentraland (31st with $4.5 billion).
Instagram is working to become a marketplace for digital assets and could make a splash in a field that has a lot of room for growth.
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