Mark Zuckerberg Says NFT Will Coming Soon On Instagram

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Mark Zuckerberg Says NFT Will Coming Soon On Instagram

CALIFORNIA – Meta Platform Inc CEO, Marz Zuckerberg revealed that Instragam is preparing to add Non-Fungible Token (NFT) to its platform.

Mark Zuckerberg made these plans, while appearing at the South by Southwest conference in Austin, Texas.

“We are working to bring NFT to Instagram in the near future,” Zuckerberg said, quoted from the Cointelegraph.com website, Wednesday (16/3/2022).

Unfortunately, Zuckerberg did not explain in detail when the plan would take place. But Mark Zuckerberg added that he hopes that in the coming months, Instagram users will be able to print their own NFTs on the platform.

In October last year, Meta Platform Inc, which was originally called Facebook, started its focus on the Metaverse project.

The company’s report in the final quarter of 2021, revealing for the first time the financial details of its virtual and augmenter reality (AR) research and development business, Reality Labs showed a loss of up to $10 billion. Meta indicates this is because Metaverse is not yet active, so it is difficult to make profit from Metaverse.

Metaverse is not the first time that Meta has tried crypto-related projects. In 2019, Meta plans to create Libra, which will be renamed Diem, a USD-pegged stablecoin.

Unfortunately the Diem project failed due to lack of regulatory approval and was rejected by the community. The Diem project was later purchased by Silvergate Capital, although several former current Meta employees want to revive the open-source stablecoin by building their own network.

Several social media companies are trying to implement cryptocurrencies and NFTs to their platforms. Twitter first added support to allow users to use NFT images for their user profiles.

The Reddit platform is trying to implement NFT avatars from the collections that its users have. As for the video subscription service, OnlyFans activated the NFT profile picture in December 2020.

As well as social media giants trying to incorporate crypto into their services, credit card company American Express has also shown interest in the Metaverse space.

According to the US Trademark Filing Agency, the traditional financial firm is hinting it will expand into the Metaverse.

This is evidenced by the application data of the US Patent and Trademark Office this week which shows, American Express is preparing to offer virtual banking and exchange services, cryptocurrency services and services that allow users to use their credit cards in the NFT market.

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