Just a few days after popular online marketer GaryVee, also known as Gary Vaynerchuk, made a statement about how non-fungible tokens (NFTs) are like websites and social media accounts, Mark Zuckerberg just announced that Instagram will soon be allowing its users to mint just about anything.
GaryVee Talks About the Importance of NFTs
According to the tweet by GaryVee, a business having NFTs this year would be like them having social media accounts in 2015 or even having a website back in 2005. To elaborate, GaryVee explained that "it's just digital infrastructure."
The tweet was posted on March 11 and just a few days later, Mark Zuckerberg, the head of Meta made an announcement that NFTs will finally be coming to Instagram. Although no official date was given, Zuckerberg clarified that it would come "in the near term."
Having nfts for your business will be like having a website in 2005 or having social media accounts in 2015 .. it’s just digital infrastructure
— Gary Vaynerchuk (@garyvee) March 10, 2022
Mark Zuckerberg Reveals Potential Minting of NFTs on Instagram
Although Zuckerberg did not share more details about the announcement, one thing that he reportedly focused on was the capacity for people to show the NFTs they own and even "potentially mint new ones," according to the story by Engadget.
To be more specific, Zuckerberg said that Instagram users will be getting the ability to bring some of their NFTs to the platform in the next couple of months.
It was also noted that over time, they plan to allow users to mint things within the social media platform itself.
Zuckerberg Explains How NFTs Could Make Its Way Into the Metaverse
This, however, is not all new news as an article back in January by Financial Times shared how Meta was planning to get into NFTs through adding them to its Novi crypto wallet. Zuckerberg has even said that NFTs "could one day play a role in the company's eventual metaverse."
Examples of how NFTs could find its place in Meta's metaverse was described by Zuckerberg as basically allowing users to mint the clothing they are wearing within the metaverse. Zuckerberg clarified that in order for this to happen, however, there are still a lot of technical things that Meta needs to work on.
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Head of Instagram Says Their Team is 'Actively Exploring NFTs'
According to an article by The Verge, Adam Mosseri, the head of Instagram, announced last year that their team is "actively exploring NFTs."
They did not, however, provide details as to how far they have gone when it comes to adaptation. Mosseri likewise did not say when they plan to officially release NFTs on their site.
The article by The Verge, however, tackles the confusion of just "what minting an NFT on Instagram would mean." It also asks the question on whether or not popular posts could be minted as NFTs and sold or would NFTs need to be minted in order for individuals to gain access to certain stories.
As of press time, however, there is still no clarification as to exactly what Meta plans to do with NFTs on Instagram.
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This article is owned by Tech Times
Written by Urian B.
