NFTs have been all the rage as of late as the world’s biggest companies start to get involved in the metaverse. Recently, Facebook changed its name to Meta, pointing to the fact that the company is getting involved in the industry.
Now, more clues are emerging as to how.
Instagram Enters Web 3.0
In a panel discussion at Austin’s South by Southwest Festival on Tuesday, Mark Zucerberg, CEO at Meta, said:
“We’re working on bringing NFTs to Instagram in the near term.”
When asked about what’s going to happen and what it’s going to look like, Zuckerberg said:
“I’m not ready to kind of announce exactly what that’s going to be today.”
Casey Newton, a writer for The Verge’s Platformer newsletter also tweeted that the CEO of Meta said “hopefully” in the coming months, Instagram members will be able to mint their own non-fungible tokens (NFTs) within the Instagram application.
Meta’s Has Planned to Enter the NFT Community for Some Time
It all started late last year when Facebook announced that its current corporate name no longer represented its views, making the decision to change its name to Meta.
At the time, in October, the company said in a presentation that it’s launching a metaverse that would support NFTs.
In January of this year, a report on the Financial Times suggested the company was working on plans that would give both Facebook and Instagram members the ability to display NFTs on their profiles.
What Meta’s Involvement In Web 3.0 Might Look Like
Meta hasn’t been too clear about its plans. We know the company is getting into the metaverse, but there’s really not much more set in stone yet.
Of course, Zucerberg hinted to the fact that Instagram members will soon be able to mint NFTs. I’d imagine that these NFTs will be from Instagram itself as well as through personal collections. Moreover, profile pics may soon have the ability to tap into the blockchain, allowing users to display their owner-verified NFTs as their profile pictures.
Finally, while there has been no real hint to it. I’m expecting Facebook to launch a metaverse game of sorts.
The Bottom Line
While nobody knows the details quite yet, Meta’s involvement in the metaverse is likely to be a big hit. Keep your eyes peeled as big moves are happening at Instagram and Facebook!