Instagram Collectibles Already in Development
The latest social media giant to expand the exploration of nonfungible tokens (NFT) integration into its platform is Instagram, according to the company CEO.
According to Instagram’s chief executive officer, Adam Mosseri, the platform is actively exploring NFTs and ways that it can make them more accessible to its burgeoning user base.
Mosseri made the comments in an Instagram Q&A. One idea would be to label Instagram posts that offer NFTs as “collectibles.” He said there was no official announcement yet, but things appear to be happening behind the scenes.
“Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a broader audience.”
Mosseri added that they wanted to help content creators, stating, “I think it is an interesting place that we can play and also a way to hopefully help creators.”
The Facebook owned photo-sharing social platform was rumored to be dabbling in the NFT space earlier this year. It is possible that there will be a collaboration with Meta and its grand metaverse aspirations.
Mosseri also mentioned a few new features, such as profile embeds which extend the ability to embed photos and videos into user profiles. This could also tie in with “Collectibles” if users want to show their NFT as their profile picture, as many already do on Twitter.
The nonfungible token scene is still a hotbed of activity as this year comes to a close. According to Nonfungible, a website that tracks the industry, there have been $335 million in sales over the past week. NFT weekly sales figures had surged 12,780% since the beginning of the year when just $2.6 million worth were shifted every seven days.