Instagram is planning to enter the non-fungible token (NFT) space. The company’s CEO, Adam Mosseri, disclosed this news earlier today, noting that the platform seeks to create features that support NFTs. Boasting over 2 billion users, Instagram will be the biggest platform yet to embrace NFTs.
Reportedly, Mosseri posted an Instagram story on Saturday, saying there was nothing to announce yet. However, he pointed out that Instagram was actively exploring NFTs and how to make them more accessible to a broader audience.
According to him, NFTs are an interesting environment to experiment on. He added that NFTs enable people to play and earn seamlessly. On top of this, he pointed out that NFTs can help creators uphold their artistry and make a solid living out of their work.
While Mosseri did not offer further details about Instagram’s plan to introduce features that support NFTs, the photo and video-sharing platform might probably offer its users tools for showcasing NFTs they create. Also, Instagram might create a system that allows users to follow their favourite creators.
NFTs continue catching on
This news comes as the NFT sector continues booming in 2021 after onboarding celebrities like rapper Snoop Dogg, Post Malone, and Lil Baby. The space has also attracted leading organizations like Visa, Microsoft, Warner Bros, Adidas, and Nike, among others. Meta, Instagram’s parent company, also announced its metaverse ambitions, claiming the virtual world is the next frontier.
Notably, former US First Lady Melania Trump also announced an NFT project on the Solana blockchain in the past week, noting that she would use part of the proceeds to support children in foster homes.
As a result of increasing adoption, the NFT space recorded a trading volume of over $10 billion in the first quarter of 2021.
Highlighting the growth that the NFT space has experienced this year, Cameron Bale, the co-founder of NFT.NYC, a firm that has been organizing annual NFT events over the past three years, said the space started getting mainstream adoption this year. According to him, this year’s gathering attracted over 5,500 attendees. In contrast, the first-ever event only had 500 attendees.
While the NFT space has had tremendous growth this year, Bale pointed out that the sector would only see the impact its proponents desire after mainstream media embraces the industry, potentially exposing the industry to millions or billions of people.
With Instagram gearing up to introduce NFTs on its platform, Bale’s vision of the sector achieving mass adoption seems closer than ever.
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