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Meta plans to test NFTs on Instagram

Meta
TL;DR Breakdown
  • Meta announces NFT integration on Instagram
  • The integration will extend to Facebook and WhatsApp
  • Meta focuses on Metaverse projects

Meta, through its top executive, Mark Zuckerberg, has announced the test of NFTs on Instagram before the end of this week. In his statement, the CEO mentioned that users on the platforms might witness the integration of the collectibles before this week runs out. This move is pointing toward the direction of Instagram having an entire section on the app where users can send and receive NFTs.

The integration will extend to Facebook and WhatsApp

Mark Zuckerberg mentioned this, among other things, at a recent interview he granted from Impact Theory. The interview has been made available in the application under its control, Facebook. In the interview, Zuckerberg mentioned that this move would birth the integration of an NFT space on other platforms owned by the company.

Presently, Meta owns WhatsApp, Instagram, Facebook, and the Facebook Messenger application. The CEO also mentioned that with the new initiative, digital creators and collectors would be able to show their arts in a section on every application when the integration is finally completed. The CEO also mentioned that other than debuting the update on Facebook, the company is also looking into creating Augmented Reality NFTs that will only be for Instagram.

Meta focuses on Metaverse projects

According to the update from Meta, users on Instagram will be able to use several NFTs as their profile pictures. Notably, microblogging platform Twitter first launched this move following an announcement last year. After that, the company also announced that iOS users could now use hexagonal NFTs as their avatars at the start of this year. Although Twitter was the first acclaimed platform to launch the initiative, other sources believe it was the adult website, OnlyFans.

According to several users on Reddit, while Twitter was still in the testing phase with the NFT profile pictures, OnlyFans already gave the go-ahead to its users. According to data released by Datareportal, Meta applications Facebook and Instagram combine to have 4.4 billion users globally. The report stresses that Instagram owns about 1.5 billion of that number, which is very small compared to Facebook at 2.9 billion.

An extensive list of NFT creators has an account with Instagram. However, some of them have fallen into the hands of hackers and scammers. A recent report claimed that the high-flying NFT project, BAYC’s Instagram account, was breached, opening its more than 600,000 followers to a series of scams by the malicious actors. Since the company dropped Facebook to adopt Meta, it has focused on projects tilting towards crypto and the Metaverse sector. The company has not been able to find any headway regarding the launching of its native token. The project has now been shut down after going through many changes.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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