Instagram is looking for a way to bring NFT to its two billion-user platform as its parent company Meta is betting on the metaverse. CEO Adam Mosseri said over the weekend that the platform is working on features that include non-fungible tokens.
While NFTs are popular as contemporary art or collectibles, they are also the digital key to discovering the metaverse as they enable ownership and transfer in the virtual world. Mosseri said Instagram has nothing to announce yet, but the company is actively exploring NFTs and ways to make non-fungible tokens more accessible to a wider audience.
NFTs are traded on the Web, are often associated with cryptocurrencies, and typically use blockchain technologies. In 2021, they received a ton of attention. NFT’s sales in 2021 have grown to an impressive $ 12 billion, driven by technology-heavy brands like Adidas and Nike and the success of digital artists like Beeple.
While Moseri did not go into details on Instagram’s non-fungible tokens, but the social network could provide its users with tools to showcase the NFTs they have created, or allow people to pay subscriptions to their favorite content creators.
The first rumors about Instagram’s plans related to NFT surfaced back in July this year, when screenshots of a social network application leaked to the Web, showing a section for working with non-fungible tokens. Instagram is likely to offer users integrations with cryptocurrency wallets like Coinbase, MetaMask, and Facebook’s Novi.
Instagram’s monthly audience exceeds 2 billion active users
The content of the social network Instagram raises so many questions at various levels of government; that the head of the company, Adam Mosseri, recently had to make excuses to representatives of the US Congress. Nevertheless, it is now that the network has achieved unprecedented popularity; the number of its monthly active users has exceeded 2 billion people.
Recently, Mosseri reported to representatives of the American authorities on methods of protecting children from malicious content; after the exposure of one of the former Facebook employees, this topic raises many questions. However, the importance of the social network to the entire Meta ecosystem continues to grow.
We know that Instagram has not published the number of monthly active users since June 2018; at that time their number exceeded a billion people. It took eight years to achieve such indicators, and it took only three years to gain another billion. Nevertheless, the company is in no hurry to publish the relevant data; the media publish them with reference to anonymous sources in the company. According to some reports, the new milestone was reached a week before Facebook changed its name to Meta in October.