Meta Platforms Inc (NASDAQ: FB) CEO Mark Zuckerberg said that the company is working on bringing non fungible tokens (NFTs) to its social media platform, Instagram.
What Happened: Zuckerberg, at Austin’s South by Southwest Festival on Tuesday, was quoted by Engadget Senior Editor Karissa Bell as saying, "We're working on bringing NFTs to Instagram in the near term."
"I'm not ready to kind of announce exactly what that's going to be today," the Meta CEO reportedly added.
Zuckerberg also said Instagram users will "hopefully" be able to mint their own NFTs on the platform in the coming months, according to a report from The Verge’s Casey Newton.
In January, Benzinga reported that Meta was looking to add NFT functionality to Facebook (NASDAQ:FB) and Instagram. Users would be able to create and sell their own NFTs as well as display them on their social media profiles, sources close to the matter said at the time.
Cryptocurrency exchange Coinbase (NASDAQ:COIN) Global Inc (NASDAQ: COIN) is also expected to launch its NFT marketplace shortly. Its CEO, Brian Armstrong, believes that the NFT business could be more lucrative than revenue earned from Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) trading.
Price Action: Meta shares closed 2.89% higher at $192 on Tuesday.
Photo by Anthony Quintano on Wikimedia
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