Meta CEO Mark Zuckerberg confirmed that Instagram will soon offer NFT features. Zuckerburg made the announcement at the South by Southwest (SXSW) conference.
Instagram NFT features coming in 'the next few months
The Meta CEO spoke to Daymond John, an American businessman and investor in the hit TV series Shark Tank. Zuckerberg stated that the feature would be added in the near future, but didn't say what exactly the feature entails. However, the development team of the photo and video sharing app is currently working on the technical challenges that come with it.
“We are working on offering NFTs on Instagram in the near future. I can't say exactly what that will look like today, but over the next few months it might be possible to bring multiple NFTs into the system and hopefully mine things in that environment over time."
There had long been rumors that Instagram might offer NFTs on the platform before a leak in July 2021 confirmed the theory. Meta plans to implement NFTs on both Instagram and Facebook, with Facebook even planning to get an NFT marketplace.
Meta and the metaverse
According to a report by Grand View Research, the Metaverse market will be worth $678 billion by 2030. Many companies want to benefit from the new market and secure shares. There will be many more such initiatives by big technology companies in this market over the course of the decade.
To set the course, Meta has invested billions in its Metaverse research department. Also, Mark Zuckerberg recently introduced the AI projects being developed alongside the Metaverse, such as: B. a smart assistant. The company aims to become the leading platform for Metaverse experiences in the future.
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Coinbase to launch NFT trading platform
In a related development, crypto exchange Coinbase said it met with more than 100 digital art creators as part of its new NFT trading platform, which will be “launching soon.”
According to a statement from Coinbase, during the preparatory phase, the exchange team met with more than 100 digital content creators to discuss competitive tools and innovations that will be applied on the marketplace and can advantageously position Coinbase NFT.
Read also: Ripple Hires Over 4000 NFT Creators
As conceived by the company, the key feature of the new site will be its "social function", which will improve the interaction between artists and users. According to the statement, the site "will be launched soon", however, the official launch date has not yet been announced.
Recall that in October last year, Coinbase opened a waiting list for early access to the platform. The number of registered users exceeded 1 million, which led to malfunctions of the site. Now the number of people wishing to join the Coinbase NFT platform exceeds 2.5 million users.
Last January, it was reported that Coinbase users would be able to buy NFTs with Mastercard. Earlier, Softbank CEO Kentaro Kawabe also announced plans to create Softbank's own trading platform for buying and selling NFTs.
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