On Tuesday, Mark Zuckerberg founder of Meta said that one of its popular social media companies–Instagram would soon allow non fungible tokens (NFTs) on its site. He was speaking at the SXSW in Austin, Texas when he also mentioned that they could possibly become a part of his pet project, the metaverse, as well.
Zuckerberg said that the company was “working on bringing NFTs to Instagram in the near term.” He was speaking with Daymond John of Shark Tank. Although there weren’t many details provided by him, there were suggestions that existing NFTs would become a part of the social media app and there could be a possibility of minting new ones.
Zuckerberg confirmed what had earlier been mentioned by Adam Mosseri, who leads Instagram. In the beginning of the year, there was an Instagram story where Mosseri said that they were “actively exploring” the use of NFTs. He mentioned that they could play with as well as help NFT creators.
Zuckerberg also spoke of the metaverse saying that the clothing an avatar wears in this virtual world could be minted as an NFT. He said that it could be taken to different places after technical issues would be worked on, in the near future; to make it a seamless experience. The metaverse or Web 3 is Mark Zuckerberg’s vision of the future of the internet as he considers it to be immersive technology. He changed the name of the company he founded from Facebook to Meta keeping this vision in mind.
Zuckerberg also mentioned that most of his shopping has been done through Instagram, Facebook Shops or ads. He used to wear the same grey shirt for years and said in 2014 he wanted to clear his life of making few decisions so that he could concentrate on “how to best serve this community.” He had also confirmed that he had “multiple same shirts.”
The Meta founder and CEO also briefly spoke about the war in Ukraine. This was the first time he has made public comments on the invasion of the country by Russia. He called it a “massively destabilizing world event.” It must be noted that Facebook, Microsoft, Google and other tech companies have been doing their bit by putting constraints on false propaganda and limiting fake news.
