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Mark Zuckerberg reports Instagram will implement NFTs soon

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"Our goal is to bring NFTs to Instagram in the near future," stated the Meta CEO, adding that NFT minting should be available within the next few months

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Our goal is to bring NFTs to Instagram in the near future," stated the Meta CEO, adding that NFT minting should be available within the next few months.

Mark Zuckerberg revealed that Instagram, the video and photo-sharing app owned by Meta, will introduce non-fungible tokens (NFTs) soon.

“We’re working on bringing NFTs to Instagram in the near term,” Zuckerberg reportedly stated in an appearance at the South by Southwest conference in Austin, Texas. No specific dates were provided by the Facebook founder about the implementation.

Casey Newton, an editor for the Platformer newsletter, tweeted from the conference that Zuckerberg also expressed a desire for Instagram users to be able to mint their own cryptocurrencies using the platform in the coming months.

Meta did not immediately respond to Cointelegraph on when NFT functionality would be live. Several of Meta's Metaverse projects were revealed for the first time in a company report from its last quarter in 2021. Meta famously rebranded from Facebook to focus on its Metaverse programmes, Reality Labs, showing losses at over $10 billion. Reality Labs has reported losses of over $10 billion. To be fair, as Meta's corner of the metaverse hasn't yet gone live, it's hard to forecast profit.

Meta isn't new to the crypto space; in 2019 the company signaled plans to create a USD-pegged stablecoin called "Libra" (later rebranded to "Diem") that failed because regulatory approval was not obtained and a significant community backlash occurred. The project was purchased by Silvergate Capital, although some ex-Meta employees are now looking to revive the open-source stablecoin through building a network of their own.

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