According to Mark Zuckerberg, Instagram is set to become an NFT marketplace which would also allow the minting of non-fungible tokens on the social media platform. Mark was speaking at the SXSW event for 2022 in a session titled “Into the Metaverse: Creators, Commerce, and Connection”.
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After the rebrand from Facebook to Meta late last year, it is not surprising to hear of plans to move more fully into the NFT marketplace space, what is more surprising however is that they seem to have picked Instagram as the platform of choice to do it. Whilst a revelation in itself, Zuckerberg wasn’t giving away any more details.
“We’re working on bringing NFTs to Instagram in the near term, [but] I’m not ready to kind of announce exactly what that’s going to be today”Mark Zuckerberg, Founder & CEO, Meta, Speaking at SXSW 2022
An Instagram NFT Marketplace Could Join The Growing NFT Craze
NFTs continue to grow in popularity with the leading NFT marketplace Opensea reporting over $2 billion in transactions over the past 30 days. This opportunity is no doubt appealing to Meta and when they take into account Instagram and its approximate 1 billion user accounts, the merging of the two worlds would almost seem like a no-brainer.
In his talk at SXSW, Zuckerberg also mentioned whilst there was still ‘a bunch of technical things to work out’ he has hopes that avatar clothing in the metaverse will be minted as NFTs. With fashion bloggers and eCommerce stores seeing success on the Instagram platform, the synergy already exists between the two areas.
Whilst it still seems like we are several months away from any major announcement or integration of NFTs into Instagram as an NFT marketplace, the writing is on the wall that it is coming and shrewd business owners will be preparing and learning about how they can best position themselves for the upcoming opportunity.
If this space is still a little confusing to you, then check out this article we wrote here that tries to make sense of Crypto, NFTs, and the Metaverse.
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