According to the company’s CEO, Instagram is the latest social media behemoth to broaden its research of nonfungible tokens (NFTs) integration into its platform.
Instagram’s chief executive officer, Adam Mosseri, said the platform is looking at nonfungible tokens and how it might make them more accessible to its growing user base.
According to accounts, Mosseri made the remarks in an Instagram Q&A over the weekend. Labeling Instagram photos that provide NFTs as “collectibles” is one approach. He stated that no formal announcement had been made yet, but that things appeared to be in the works behind the scenes.
“We haven’t made any pronouncements yet, but we’re looking into NFTs and how we might make them more available to a wider 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 for Instagram are 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. Meta and its broad metaverse ambitions may be partnered with.
When digital artist Sean Williams indicated in May 2021 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 possibilities 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 new wallets in early December, noting 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 non-fungible tokens 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.