Meta Platforms Inc (NASDAQ:FB)'s chief executive Mark Zuckerberg hinted non-fungible tokens (NFTs) could be arriving on Instagram “in the near term”.
Speaking at South by Southwest (SXSW), an annual festival and conference that features tech, film, and music industries, Zuckerberg said the company was working on bringing NFTs onto the social media app.
“We're working on bringing NFTs to Instagram in the near term," Zuckerberg said according to a report in engadget. "I'm not ready to kind of announce exactly what that's going to be today. But over the next several months, the ability to bring some of your NFTs in, hopefully over time be able to mint things within that environment.”
This isn’t the first time executives at Instagram teased at the possibility of introducing NFTs, with the head of the social media site, Adma Mosseri, saying it was “actively exploring” the possibility earlier this year.
The company rebranded from Facebook into Meta as it shifts its focus to the creation of its metaverse.
Zuckerberg hinted at the conference the digital pieces of artwork could feature in its augmented world.
“I would hope that you know, the clothing that your avatar is wearing in the metaverse, you know, can be basically minted as an NFT and you can take it between your different places.”