NFT: Instagram reportedly looking into adding non-fungible tokens on its platform

Instagram is reportedly exploring the integration of non-fungible tokens or NFT into its platform. This is part of the company's plan to expand, according to the company's head.

According to CryptoPotato, Adam Mosseri, the chief executive officer of Instagram, made some comments during a Q&A session last weekend. He was said to have mentioned that they are looking into the NFT integration on Instagram and actively exploring what they can do.

The social media firm is working on ways to make NFT more accessible to its users. During the discussion, he also said that there was a suggestion to tag all posts on IG that are offering NFTs as "collectibles." Mosseri added that while there is no official announcement yet about the NFT integration, things are actually happening behind the scenes which means they are silently working on it at this time.

"Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a broader audience," he said. "I think it is an interesting place that we can play and also a way to hopefully help creators."

Sean Williams, a digital artist, shared that Instagram's plans for NFT are already around since May. he said that back then, the company was working on a platform for non-fungible tokens and he knew this because IG also started to reach out to upcoming artists in the NFT sphere.

In June, Alessandro Paluzzi, an app developer, also shared what he knows about NFTs on Instagram. At that time, he uploaded screenshots of the "Collectibles" and posted that IG is actively working on adding them to the platform.

After four months, in October, Paluzzi posted an update about IG's work on "Collectibles" and said the company is still on it and in fact, the ability to connect a digital wallet has been added by this time. Earlier this month, Paluzzi continued to claim that more digital wallets were integrated and mentioned Novi, Coinbase, and TrustWallet as the new additions.

Finally, Instagram has yet to publicly announce its NFT plans and it seems that users will be able to hear some news soon since some details are already out there. Plus, IG is owned by Meta that is also going all-in into the metaverse thus it is certain that the platform is also getting NFTs.

"From now on, we'll be metaverse first, not Facebook first," Market Insider quoted Meta's CEO, Mark Zuckerberg, as saying while transforming Facebook into a metaverse company. It is clear that he wants his social media platforms to be metaverse ready s Instagram is starting at NFTs.