Zuckerberg: NFTs compatible with the metaverse soon available on Instagram
Non-fungible tokens (NFTs) are expected to arrive on Instagram in “the next two months,” Meta CEO Mark Zuckerberg announced at the SXSW conference on Tuesday, March 15.
Speaking at the festival in Austin, TX, where Twitter was born, Zuckerberg said that while he wasn’t ready to divulge details, the company is “working to bring NFTs to Instagram in the short term.” reported Engadget. This would include importing NFTs outside and “hopefully over time [users will] being able to hit things in that environment.
One of the hottest parts of the cryptocurrency world, non-fungible tokens are unique tokens that can hold a variety of media, including artwork, videos, and documents.
Read more: PYMNTS NFT Series: What Are NFTs and Why Are They Crypto’s New ‘Next Big Thing’?
While warning that there’s “a bunch of technical stuff that needs to be ironed out,” Zuckerberg said he hopes “the clothes your avatar wears in the metaverse, you know, can basically be hit like an NFT and you can take between your different locations.
Also read: What is a metaverse and why do we organize a fashion show?
It makes a lot of sense for Meta to launch its NFTs on the photo and video sharing social network, as media is still by far the most common and popular use of tokens. But NFTs can carry smart contracts, allowing them to hold — and segment themselves into smaller segments — legal documents ranging from real estate titles to titles.
That’s no surprise, as he and other top executives, including Instagram chief Adam Mosseri, said the company had “explored” NFTs, Engadget said.
Beyond that, the Financial Times reported in January that Meta was working on making the Novi digital wallet it had built for the aborted Libra stablecoin project – first renamed Diem and then sold to crypto-enabled Silvergate Bank. -currencies – NFT compatible.
On November 8, Meta announced that the Novi digital wallet it had built for the aborted stablecoin project Libra – first renamed Diem and then sold to the crypto-enabled Silvergate Bank – would bring an existing stablecoin, Paxos ‘Pax Dollar, to Instagram.
Blockchain-based crypto tokens that have been embraced by big-brand marketers and mainstream celebrities of late play an important role in many versions of the metaverse technology that Zuckerberg has embraced so heavily that he has renamed the company Meta in October, relegating the Facebook brand from the parent company of Instagram and messaging service WhatsApp to just the social network.
Marketers from Samsung to Gucci have launched virtual stores and experiences within metaverse sites, often using NFT collectibles as a way to attract consumers.
See More: PYMNTS NFT Series: In The Metaverse, NFTs Can Buy Experiences, Luxury And Eyeballs
NFT marketing could be a big boon to Meta if it’s able to create a towering metaverse – a term for an immersive 3D virtual reality that’s more of a sci-fi ideal than a usable technology at the moment.
So NFTs are a perfect advertising vehicle for Meta, which has just had its revenue cut sharply by Apple’s decision to make it harder for them to track consumer habits – which has seen its share price butchered the last month after reporting revenue below expectations.
Since NFTs can carry smart contracts, it should be easy to get them to track user habits across a variety of web locations in and out of a metaverse. And to get one, they would have to agree to terms.
Engadget also said that Meta plans to create a marketplace to buy, sell and resell NFTs. Markets today have been plagued by complaints about fake NFTs and tokens made using branded content without proper licensing, damaging one of the main selling points of NFTs – that their provenance can always be verified on the blockchain.
See also: PYMNTS NFT Series: From Famous Artists to Forgers, the Art World Embraces NFTs
But as collectors and especially irate copyright holders are discovering, provenance is not the same as owning commercial rights to property. Being one of the first to solve this problem could bring many brands to market.