Mark Zuckerberg, CEO of Facebook parent company Meta, said the company is beginning to test digital collectibles on the photo- and video-sharing platform Instagram this week, signaling a move toward adding non-fungible tokens, or NFTs. .
In an interview with Impact Theory’s Tom Bilyeu posted on Facebook on Monday, Zuckerberg said the decision to test digital collectibles on Instagram was the first step in allowing creators and collectors to display NFTs on other apps under Meta’s control: WhatsApp, Facebook Messenger, and Facebook. According to the CEO, Meta planned to “bring similar functionality to Facebook soon” and was also working on “augmented reality NFTs” for Instagram.
The move would reportedly allow Instagram users to display NFTs as profiles, as Twitter first announced in September 2021 that its users could do so, and subsequently rolled out iOS support for NFT hex avatars in January. . Reddit said shortly after Twitter’s NFT rollout that it was testing the tokens as profile pictures on its platform, while content subscription service app OnlyFans — which many use to promote adult content — has offered profile pictures. NFT since December 2021.
Datareportal reported that Instagram had approximately 1.5 billion users globally in January 2022, about half of Facebook’s 2.9 billion. Many prominent users in the cryptocurrency space already have accounts on the platform to share photos and videos, which some hackers have taken advantage of. Cointelegraph reported in April that malicious actors breached the Bored Ape Yacht Club Instagram page and shared links to a fake airdrop with the project’s more than 600,000 followers.
Since Facebook’s rebranding to Meta in October 2021, the social media company has announced many initiatives targeting cryptocurrency users and metaverses. Although Meta shut down its digital currency project Diem — formerly Libra — in February, the company also opened the doors of a metaverse-themed brick-and-mortar store on the San Francisco peninsula on Monday.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.