(Pocket-lint) – Meta CEO Mark Zuckerberg has reportedly announced NFTs are coming to Instagram, although the details are still vague.
He announced the news during a session at South By Southwest. “We’re working on bringing NFTs to Instagram in the near term,” he said, according to The Financial Times, Engadget, and The Daily Beast. “I’m not ready to kind of announce exactly what that’s going to be today. But over the next several months, the ability to bring some of your NFTs in”.
“Hopefully over time be able to mint things within that environment”, he added.
Keep in mind, last year, Instagram said it was “actively exploring NFTs“. Then, in January, reports claimed Facebook and Instagram were developing NFT integrations – including features to let you use an NFT as a profile and mint NFTs on the platform. NFT stands for “non-fungible token”. Pocket-lint has a guide on them here, but in a nutshell, it can contain everything from animated GIFs to songs. An NFT can either be one-of-a-kind or a copy of many – that’s because blockchain is used to keep track of who has ownership of the file.
It’s currently unclear if Meta will let you, for instance, sell a popular Instagram post as an NFT, or mint NFTs that provide access to hidden Instagram stories. Imagine, too, a marketplace, where you can buy and sell ownership of these digital items all within Instagram. We suspect there will be some sort of metaverse layer here, too.
Instagram won’t be the first social network to offer NFTs. Twitter already lets some users set an NFT as their profile pictures. They show up as hexagons.
Writing by Maggie Tillman.