What exactly is NFT?
Using the blockchain, you may buy and sell ownership of unique digital goods and keep track of who owns them via NFTs. NFT stands for “non-fungible token,” and it can hold any digital content, such as artwork, animated GIFs, songs, or video game goods. An NFT can be one-of-a-kind, such as a real-life painting, or one of many copies, such as trading cards, but the blockchain keeps track of who owns the file.
High-profile memes like Nyan Cat and the “deal with it” sunglasses have been placed up for auction, and some have sold for millions of dollars. There’s also a lot of talk regarding how much electricity NFTs consume and how they affect the environment. You can browse through our NFT FAQ if you (understandably) still have queries.
According to Engadget and The Daily Beast, Mark Zuckerberg announced that Meta would introduce NFTs to Instagram. While he didn’t elaborate, he did say during a South By Southwest session that “over the next several months, the ability to bring some of your NFTs in, maybe over time be able to mint things within that environment.”
There had been rumblings that something like this was on the way. Last year, Instagram’s CEO Adam Mosseri stated that the company was “actively studying NFTs,” but that no official announcements had been made. We learned in January that Facebook and Instagram teams were working on NFT connections. According to the report, development has been made on features that allow you to use an NFT as a profile and mint NFTs on the platform, as well as discussions about building a marketplace.
Those first two features are in line with what Zuckerberg said onstage, but it’s still unclear what minting an NFT on Instagram entails. Is it possible to sell a popular post as an NFT? Or create NFTs that can be used as passes to allow individuals to see specific stories? Meta hasn’t said anything yet, however it appears that minting capabilities won’t be available until later. Although the large worth of sites like OpenSea surely makes it an appealing business proposition, the notion for a marketplace appears to be even further off, as it appears to have gotten no direct reference from Zuckerberg.
There is, of course, a metaverse component to this. According to reports, Zuckerberg discussed minting your avatar’s apparel as an NFT and transporting it “between your many locations.” Zuckerberg has previously discussed NFTs and the metaverse, claiming that they may play a role in the governance of the digital world. He now seemed to be considering them as digital objects, as Meta had suggested previously.
Instagram will not be the first social media platform to integrate NFT. Twitter introduced a feature earlier this year that allowed certain users to set their profile picture to an NFT they own. They then appear as hexagons, with a link to the NFT’s information available for anyone interested. Given how frequently TikTok features get cloned on Instagram, it wouldn’t be unexpected if Meta’s photo-sharing (uh, “entertainment”) app did the same.
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