(Cointelegraph) Video and photo-sharing platform Instagram is preparing to add non-fungible tokens, according to a new revelation by Mark Zuckerberg.
Zuckerberg did not provide the timeline for the NFT launch but said the implementation will occur in the near term.
The potential support for NFTs on Instagram follows a change of the parent’s name from Facebook to Meta, hinting at a further pursuit of metaverse-related projects.
In 2019, Meta came up with plans to create “Libra,” which then changed to “Diem,” a dollar-pegged stablecoin, although it collapsed due to community pushback and regulatory hurdles.
The move by Meta comes amid a growing uptake of the NFTs among social media companies, with Twitter adding support for NFT profile pictures in January. Social forum Reddit also implemented NFT avatars, while adult site OnlyFans started supporting similar profiles in December 2020.
ETHUSD is up +2.32%, SOLUSD is up +1.11%.
