According to Instagram CEO Adam Mosseri, the social media application is studying non-fungible token technology (NFT). During an Ask-Me-Anything (AMA) session on Instagram, Mosseri said the company wanted to make NFTs “more accessible” to a wider audience.
Instagram CEO: “We are definitely actively researching NFTs”
After the company’s parent company Facebook transformed into Meta, Instagram CEO Adam Mosseri discussed NFT technology on Saturday. The Instagram story was part of a series of AMA questions directed at the company’s executives. When asked for his thoughts on NFT integration with Instagram, Mosseri said the company was researching the idea.
“Nothing to announce yet, but we are definitely actively researching NFTs and how we can make them more accessible to a wider audience,” said Mosseri. “I think it’s an interesting place to play and also a way to hopefully help the creators,” added the Instagram CEO.
Alleged Instagram NFT features and Creator Week
Mosseri went no further on his Instagram story and the CEO didn’t provide any details about the company adding NFT support. At the end of May, Instagram hosted its first annual Creator Week, the presents non-fungible tokens and NFT creators. In July, software developer Alessandro Paluzzi shared screenshots Instagram’s alleged plans to incorporate NFTs.
– Alessandro Paluzzi (@ alex193a) June 21, 2021
In addition, Paluzzi too shared an alleged leak Feature that enables Instagram users to bid on NFT collectibles from within the app. The developer also stated at the time that Instagram would likely support Facebook’s Novi blockchain project and the native crypto asset. Instagram and Facebook aren’t the only social media platforms exploring blockchain like Twitter started one BTC Tipping function in late September, saying it would look into NFT authentication.
Aside from Instagram “researching NFTs” and trying to scale to “wider audiences”, much like its mother Facebook, Instagram is pretty closed to such features. Three days ago, Polygon and Reddit co-founder Alexis Ohanian founded the venture capital company Seven Seven Six announced creating a $ 200 million fund to strengthen social media tied to Web3 and blockchain technology.
What do you think of Instagram CEO Adam Mosseri talking about NFTs this weekend? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons
Source: Crypto News Austria