Social media giant, Instagram is mulling over the ideas of NFT integration.
The CEO of the company revealed this in a Q and A session but remained coy over the exact plans.
NFTs are the rave of the moment with several large brands wading into the space in recent months.
Instagram could be the latest company to embrace NFTs as the buzz gets increasingly louder. If implemented, NFTs could be within reach of over 1 billion persons.
Instagram To Incorporate NFTs
The cryptocurrency community has been buzzing with excitement since Adam Mosseri, CEO of Instagram hinted that the company could embrace NFTs in the future. Mosseri made this known in a Q and A session with users on the platform where he noted that Instagram was “actively exploring”.
“Nothing to announce yet, but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience,” Mosseri stated via his IG story. “I think it’s an interesting place where we can play, and also a way to hopefully help creators.”
This is not the first time that the social media behemoth has been linked to NFTs as back in June, Allessandro Paluzzi, an Italian developer broke a story via his Twitter that Instagram was working on “collectibles”. He went on to share screenshots of what the feature would look like and hinted that it will have the ability to connect with a digital wallet like MetaMask.
The details of Paluzzi’s revelations lead many to believe that Instagram is poised to fully embrace NFT as part of its offerings to users. Sean Williams, an artist, claimed in May that Instagram was already in touch with art creators within the NFT ecosystem to help it build its NFT platform.
The Raging NFTs
NFTs could easily pass as the buzzword for 2021, going all the way to becoming the Collins Dictionary’s word of the year. The NFT market has ballooned to exceed $2.5 billion in the first half of 2021 and shows no signs of slowing down. The leap is more glaring when taking note of the fact that in the entire 2018, only $41 million worth of NFTs were traded.
Recently, a popular hardware store, Radioshack announced its entry into the NFT and DeFi space. CNN, Times, Adidas, and McDonald’s are part of large brands that have taken a foray into the lively NFT space.
Instagram’s parent company, Meta has signaled its intention to delve into the metaverse with a groundbreaking announcement back in October. NFTs are touted to play a crucial role in the metaverse and perhaps, Instagram is trying not to fall behind the rest of the pack.