Meta is slowly adopting Web3 technologies with NFTs expected to get integrated on Instagram as Mark Zuckerberg, the CEO of Meta, stated, “We’re working on bringing NFTs to Instagram in the near term,” causing excitement on social media.
Today, NFTs have become hot asset class with strong reselling opportunities and yield-generation. While this is partially true, the majority of the existing NFTs are completely useless as celebrities paved the way to mint trash NFTs with zero utility. Social media platforms are no exception, with the biggest example being Facebook rebranding its name to Meta, in order to tap into the fresh, undiscovered market.
From what we know so far, Instagram will allow it’s users within the next months to mint Non-Fungible tokens. Obviously users are going to mint NFTs with literally no value, but celebrities and artists will have an integrated solution to connect with their audience.
It’s yet unclear if the NFTs are going to be still images or if they are going to have any kind of utillity.
Casey Newton, a writer for the Platformer Newsletter, tweeted the following, talking about Zuckerbergs’ underestimated power:
While also tweeting, Zuckerbergs’ words “hopefully” in the coming months, you’ll be able to mint NFTs within Instagram.
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