Mark Zuckerberg confirms that NFTs are coming to Instagram

Following rumors that Facebook and Instagram are planning to enter the NFT world, the CEO of Meta has now confirmed these plans.

Speaking at the SXSW festival, Mark Zuckerberg confirmed that non-fungible tokens(NFT) will arrive on Instagram “in the near future”.

“We are working on bringing NFTs to Instagram in the near future,” he said.

He did not specify what exactly it would look like, but he suggested that people could show their existing NFTs and potentially make new ones.

NFT is a type of cryptocurrency that allows various works of art on various media and sites to be “tokenized” and sold through digital commerce mechanisms.

Zuckerberg and other senior executives have previously expressed interest in NFT, and Instagram CEO Adam Mosseri said the company is “actively researching” the technology.

Zuckerberg also said that NFTs could one day play a significant role in the eventual metaverse of the company.

“I hope you know, the clothes your avatar wears in the metaverse can become NFT and you can wear it in different worlds.

“There are a lot of technical things that need to be worked out first before it really happens,” Zuckerberg said.

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