Instagram CEO says they are exploring an NFT integration on the platform
Last Updated on 20 December 2021 by CryptoTips.eu
Instagram is considering the integration of Non-fungible Tokens (NFTs), the company’s CEO Adam Mosseri said during a Q&A over the weekend.
Adam said the social media giant was “actively” exploring NFTs and how to make it more accessible to its growing user base, reports say.
Adam said during the Q&A:
Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a broader audience.
Non-fungible tokens are unique and non-interchangeable units of data stored on a blockchain. These can be in the form of art, music or anything that is unique and has no duplicate. Former Twitter CEO Jack Dorsey for instance sold his first ever tweet as an NFT for nearly $3 million. Many artists have also sold their arts as NFTs as the market boomed in 2021.
Expanding the NFT market through integration
Non-fungible Tokens (NFTs) have recently become very popular across sectors with many top companies and people such as former United States first lady Melania Trump launching her own. However, there is still a lot of ground to cover as even those as not many people are familiar with blockchain technology.
Indeed, Instagram with over 2 billion monthly users could significantly increase exposure to this technology and the NFT market. The company is already developing the platform and reaching out to upcoming artists in the space, digital artist Sean Williams said in May this year. An app developer Alessandro Paluzzi also mentioned in October that Instagram was working on collectibles by enabling the connection of crypto wallets such as Metamask.
Ultimately, Instagram’s CEO says the integration of NFTs is aimed at helping content creators.
I think it is an interesting place that we can play and also a way to hopefully help creators.
With NFT integrated, content creators will be able to create content that they can put on the blockchain as NFTs and also access the marketplace to buy or sell content as they wish.
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