According to the company CEO Adam Mosseri, Instagram is the latest social media giant to expand its search for the integration of non-fungal tokens (NFTs) on its platform to gain more access to its growing user base.
It is to be noticed that Moseri made these comments during an Instagram Q&A over the weekend. One idea is to label Instagram posts provided by NFTs as “collections”. He said no official announcement had been made so far, but that work was being done in secret.
Mosseri said that:
“Nothing has been announced yet, but we’re actively exploring NFTs and how they can reach a wider audience and that they want to help content creators, “I think this is a way for us to play and help creators.”
The Facebook-owned photo-sharing social platform (now renamed Meta) was rumoured to hit the NFT space earlier this year. It has the potential to coexist with the aspirations of the meta and its great metaverse.
In May Digital artist Sean Williams revealed again that Instagram will operate on the NFT platform and reach out to upcoming artists in the NFT space.
Also, app developer Alessandro Paluzzi shared details about the potential of NFTs on Instagram in late June. At the time, he posted screenshots of “collections” claiming that the social media platform was actively working to unify them.
Back in October, Paluzzi posted that Instagram continues to work on “collectibles” by adding the ability to connect to a digital wallet such as Metamask. In early December, more wallets were added, especially Coinbase, Trustwallet, and Novi.
Mosseri also mentioned some new features, such as the ability to embed an expanded profile and embed photos and videos in user profiles. As many have already done on Twitter , if users want to show their NFT profile picture, it can be associated with “collectibles”.
As the year draws to a close, the Non-Fungible Token token scene is still the center of the action. Last week’s sales were $335 million, according to the industry-tracking website NonFungible. NFT weekly sales figures have risen 12,780% since the beginning of the year, changing to just $2.6 million every seven days.