Lagatar24 Desk
New Delhi, Mar 16: Meta CEO Mark Zuckerberg indicated during a recent conference that Instagram could soon have functionality related to non-fungible tokens (NFTs).
According to research firm Statista, the Zuckerberg-led Meta (previously Facebook) is the parent company of the popular photo-messaging app that has approximately a billion users worldwide.
Instagram will effectively be following Twitter’s lead, which has already begun to integrate NFT-related features to its microblogging platform, allowing owners of these digital treasures to display their high-priced virtual assets.
NFTs are digital assets based on the blockchain that are inspired by a variety of things like as people, photographs, food, cartoons, and video game characters.
While addressing at the South by Southwest conference in Austin, Texas, Zuckerberg discussed Instagram’s NFT aspirations.
Without going into specifics, the tech mogul stated that Instagram users will “ideally” be able to mint their own NFTs in the months ahead, according to CoinTelegraph.
The debut date for these NFT functionalities on the photo-messaging app is still unknown.
Twitter began allowing NFT holders to display their digital collectibles as hexagonal profile images in January of this year. When you tap on the images, information about the art and who owns it appears.
Reddit, OnlyFans, and YouTube, among other social networking sites, are experimenting with NFT-centric features for their individual platforms.
In 2021, the total value of NFT sales surpassed $25 billion (approximately Rs. 1,84,700 crore).
