Meta CEO Mark Zuckerberg says that the photo and video-centric social media platform Instagram will soon support non-fungible tokens (NFTs).
According to a new report, the famed Facebook founder announced at SXSW that Instagram would be incorporating NFTs into its platform within the next several months.
Though he gave no specifics, Zuckerberg said that the feature would allow users to bring NFTs that already exist onto Instagram. He also expressed the possibility of NFTs being minted onto the social media platform itself.
Meta isn’t the first major social media company to venture into the realm of crypto as Twitter, YouTube, and Reddit have all recently taken the plunge or announced plans to do so.
Last year, Twitter a tipping feature that allows users to send payments instantly across the globe using the largest crypto asset by market cap Bitcoin (BTC). Since then, Twitter has added leading smart contract platform Ethereum (ETH) to its lineup of digital assets that can be tipped.
In December, Reddit expanded its support for crypto assets by allowing specific subreddit communities to create customized tokens built on the Ethereum blockchain.
Recently, YouTube also announced that it would be integrating NFTs and decentralized autonomous organizations (DAOs) into its platform.
According to YouTube’s chief product officer Neal Mohan, the company is considering using NFTs to verify user ownership of unique videos and photos from their favorite content creators.
