Instagram Working On Adding NFTs, According To Zuckerberg

Meta is actively working on embracing Web 3.0, as its CEO Mark Zuckerberg has revealed its plans at the South by Southwest conference in Austin, Texas. However, the ex-Facebook CEO did not provide specifics on when the implementation would happen.

Furthermore, Zuckerberg reportedly noted that he hopes in the coming months, Instagram users would be able to mint their own NFTs on the platform, according to Casey Newton, writer for the Platformer newsletter.

This is the latest development of Meta’s metaverse-oriented shift, after rebranding its Facebook platform to further show its intentions. However, company reports from the last quarter of 2021 showed that the virtual and augmented reality research and development part of Meta, dubbed Reality Labs, recorded $10 billion in losses. The losses are understandable, since Meta’s corner of the Metaverse is not yet live, thus not yet profitable.

Another push at cryptos for Meta

Meta is not unfamiliar with crypto-related projects, since, in 2019, the company signaled plans to create the “Libra” stablecoin project, backed by a basket of currencies. Later, Facebook decided to rebrand and reorient its operations towards a United States dollar-pegged stablecoin, dubbed Diem.

However, due to a lack of regulatory approval and community pushback, Diem lost traction and was ultimately killed after a series of delays. Nevertheless, some ex-Meta employees are still optimistic about Diem’s future and are looking to revive the open-source stablecoin through building a network of their own.

Social media giants embrace cryptos

2022 may turn pivotal for NFTs and cryptos, since in January 2022 both Twitter and Reddit added NFT support. Twitter opted to add NFT profile pictures, while Reddit implemented NFT avatars from its own collection. One of the early NFT adopters, however, was the adult site OnlyFans, which enabled NFT profile pictures.

The social media giants are closely mimicking the behavior of traditional finance companies, which already expressed their interest in the space with the major credit card company, American Express, hinting at its expansion into the Metaverse, according to trademark filings.

American Express, according to the U.S. Patent and Trademark Office applications, aims to offer virtual banking and exchange services, cryptocurrency services, and enabling the use of its credit cards at an NFT marketplace.

American Express is joined by the largest retailer in the world, Walmart, which reportedly cited its will to create a virtual copy of their stores, thanks to the help of NFTs.