Meta CEO Mark Zuckerberg confirmed that NFTs would be “coming soon” to Instagram, giving a vague outline of how he sees the digital collectibles fitting into the metaverse.
What happened: An audience at Austin tech/entertainment conference SXSW was the first to hear the news as Zuckerberg joined Shark Tank star Damon John virtually for a panel to discuss “Creators, Commerce and Connection” in the metaverse.
- While he didn’t offer any solid timelines of when NFTs would ararive on the app, he did appear optimistic about moving towards amalgamating web3 capabilities on a web2 platform, mentioning that ideally, users would not just display NFTs but mint them as well.
- The news isn’t exactly surprising for those with their finger on the pulse, as Meta has been “actively exploring” NFTs for some time now. Instagram CEO Adam Mosseri made mention of it in December.
Why it matters: Instagram’s NFT adoption will likely be the first step in Meta’s web3 adoption. At the same panel, Zuckerberg mentioned how lucrative digital goods could be in a virtual world.
- “I would hope that you know, the clothing that your avatar is wearing in the metaverse, you know, can be minted as an NFT, and you can take it between your different places,” he said, admitting that the technical requirements need further development.
Big picture: Meta is throwing caution to the wind when it comes to web3 (if you couldn’t tell by the corporate re-brand last fall), despite running into a series of problems like harassment complaints in the Metaverse and a failed cryptocurrency.
- “The future belongs to the people who believe in it more than others,” Zuckerberg said at SXSW, cementing his company’s public confidence in the new era of the internet.