Social media giant, Facebook, changed its name to Meta in October 2021. This move cascaded into many things, including the astronomical rise in sales of metaverse land.
The move reflected the company’s focus on the metaverse, virtual reality, and the blockchain. In January 2022, it was reported by the Financial Times that Meta was working on integrating NFTs to Facebook and Instagram.
Mark Zuckerberg, Meta CEO, announced on Tuesday, March 15, 2022, that the company is working on bringing NFTs to Instagram soon.
“We’re working on bringing NFTs to Instagram in the near term,” Zuckerberg supposedly said during the Into the Metaverse: Creators, Commerce and Connection session. He also mentioned that he was “not ready to announce exactly what that’s going to be today.”
Zuckerberg also reportedly mentioned that he hopes that avatar clothing in the metaverse could be minted as NFTs. There are rumours that he plans to make Instagram more of an NFT marketplace like SuperRare.
NFTs have been the biggest part of blockchain technology since 2021. According to blockchain tracking platform DApp Radar, OpenSea, the largest NFT marketplace, has seen over $2 billion in transaction volume in the past 30 days.
This move further cements NFTs at the centre of blockchain technology and adoption. It has caught a lot of mainstream attention, and the price values of NFTs are still going up, unlike crypto coins, which are on a steady decline.