Instagram Is ‘Exploring NFTs’ in an effort to ‘Make Them More Accessible to a Broader Audience; Say The CEO
Instagram’s CEO, Adam Mosseri, said that the company is experimenting with non-fungible token (NFT) technology. Mosseri stated during an Instagram ask-me-anything (AMA) session that the business intends to make NFTs “more accessible to a broader audience.”
CEO of Instagram: ‘We Are Definitely Considering NFTs’
Instagram’s CEO Adam Mosseri discussed NFT technology on Saturday, following the business’s parent company Facebook’s transformation into Meta.
The Instagram story was part of a series of AMAs with the company’s chief executive officer. When asked about NFT integration with Instagram, Mosseri stated that the business was investigating the possibility.
“We have nothing to announce at the moment, but we are actively studying NFTs and ways to make them more accessible to a broader audience,” Mosseri explained. “I believe it’s a fascinating space for us to experiment, as well as a method to potentially benefit creators,” the Instagram CEO added.
Instagram’s alleged NFT Features and Creator Week
Mosseri did not elaborate further in his Instagram story, and the CEO made no particular mention of the company adopting support for NFT. Instagram launched its first annual “Creator Week” in late May, highlighting non-fungible tokens and NFT producers.
Alessandro Paluzzi, a software developer, posted screenshots of Instagram’s reported plans to incorporate NFTs in July. Additionally, Paluzzi posted a purportedly leaked feature that enables Instagram users to bid on NFT artifacts directly within the app.
The developer also indicated at the time that Instagram would embrace Facebook’s Novi blockchain project and its native cryptocurrency. Instagram and Facebook are not the only social media platforms experimenting with blockchain technology; Twitter introduced a BTC tipping function in late September and stated that it was testing NFT authentication.
Apart from stating that Instagram was “exploring NFTs” and attempting to grow to a “larger audience,” Instagram, like its parent company Facebook, keeps fairly mute about such features.
Three days ago, Polygon and Reddit co-founder Alexis Ohanian’s venture capital firm Seven Seven Six announced the establishment of a $200 million fund to enhance social media platforms powered by Web3 and blockchain technologies.
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