In a recent statement, Mark Zuckerberg disclosed that Instagram would also be joining the list of companies who will adopt the NFT technology into its system.
This is not surprising that Facebook changed its name to Meta in order to broaden its product base into the metaverse, a notion based on NFT technology.
The billionaire declared his plans to mint NFTs on the social media platform. He indicated that, while he cannot provide specifics at this time, he can affirm that users will be able to use NFTs on the site and, in the near future, “be able to mint things within that environment.”
This isn’t the first time a Meta executive has mentioned NFTs. Instagram CEO Adam Mosseri indicated in December that the platform is actively investigating NFTs. Meta was also said to be working on NFT capabilities for Facebook and Instagram, according to the report.
Popular social media platforms such as Twitter and Reddit have already implemented NFT features into their sites, while other big media corporations like YouTube, Disney, and others have also made significant headway in incorporating NFTs, metaverse, and Web3 capabilities into their products.
While there is no doubt that the NFT area is one of the crypto industry’s fastest-growing niches, the integration of NFT capabilities into a Meta-backed social networking platform would surely be a huge stimulus for broader adoption of the developing space.
To put this in context, Facebook alone has over 2.5 billion members, while Instagram has over 1 billion monthly active users.
This means that incorporating NFT functionality on any of these platforms would have a huge influence on the industry because it would make digital tokens more accessible to nearly one-third of the world’s population who use Meta products.
Support for the space would also help to advance the mainstream adoption of cryptocurrency in general, since more people would have first-hand knowledge of how the industry works.
Regardless, when Facebook or Instagram ultimately implements NFTs, the space’s recent record-breaking trading volumes will be a piece of cake because there will be more participants in the market.