Instagram’s chief executive officer, Adam Mosseri, says the platorm is actively exploring NFT integration into its platform and how it can make them more accessible to its growing user base.
Instagram’s chief executive officer, Adam Mosseri, says the platform is looking into NFTs and how it can make them more accessible to its growing user base.
According to reports, Mosseri made the remarks in an Instagram Q & A over the weekend. One idea is to label Instagram posts that offer NFTs as “collectibles.” He stated that no official announcement had been made yet, but that things appeared to be in the works behind the scenes.
“Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a broader audience.”
“I think it’s an intriguing space where we can play and also a method to maybe benefit creators,” Mosseri said, adding that they intended to help content makers.
Collectibles from Instagram Already in the Works
Earlier this year, the Facebook-owned photo-sharing social platform (now rebranded as Meta) was supposed to be experimenting in the NFT area. It’s possible that Meta and its grand metaverse ambitions will be collaborated with.
When digital artist Sean Williams indicated in May that Instagram was developing on an NFT platform and reaching out to young artists in the NFT field, he hinted at some of these ambitions.
Additionally, in late June, app developer Alessandro Paluzzi posted on Instagram about the possibility of NFTs. He shared screenshots of the “Collectibles” at the time, claiming that the social media platform was working on incorporating them.
He said in October that Instagram is still working on “Collectibles,” including the option to integrate a digital wallet like MetaMask. Paluzzi announced the addition of more wallets in early December, mentioning Coinbase, TrustWallet, and Novi in particular.
Mosseri also revealed a few new features, including profile embeds, which allow users to embed photographs and videos into their accounts. If individuals wish to utilize their NFT as their profile image, as many do on Twitter, this could tie in with “Collectibles.”
RadioShack is the latest large name to adopt NFTs, announcing a new NFT collection over the weekend.
The Future of the NFT Ecosystem
As the year draws to a close, the nonfungible token scene remains a hive of activity. According to Nonfungible, a website that follows the business, sales in the last week totaled $335 million. Since the beginning of the year, when only $2.6 million was moved every seven days, NFT weekly revenues had increased by 12,780 percent.
