According to the CEO of Instagram, Adam Mosseri, the social media application is looking into non-fungible token (NFT) technology. During an ask-me-anything (AMA) session on Instagram, Mosseri said that the company wants to make NFTs “more accessible to a wider audience.”
Instagram CEO: ‘We Are Definitely Actively Exploring NFTs’
Following the firm’s parent company Facebook transforming itself into Meta, Instagram’s CEO Adam Mosseri discussed NFT technology on Saturday. The Instagram story was part of a series of AMA questions directed at the company’s lead executive. When asked his thoughts on NFT integration with Instagram, Mosseri explained the company was looking into the idea.
“Nothing to announce yet, but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience,” Mosseri elaborated. “I think it’s an interesting place where we can play, and also a way to hopefully help creators,” the Instagram CEO added.
Alleged Instagram NFT Features and Creator Week
Mosseri did not go further in his Instagram story and the CEO did not mention any specifics about the company adding NFT support. Toward the end of May, Instagram hosted its first annual “Creator Week” which showcased non-fungible tokens and NFT creators. In July, software developer Alessandro Paluzzi shared screenshots of Instagram’s alleged plans to incorporate NFTs.
Furthermore, Paluzzi also shared an alleged leaked feature that allows Instagram users to bid on NFT collectables within the app. The developer also explained at the time that Instagram would likely support Facebook’s Novi blockchain project and native crypto asset. Instagram and Facebook are not the only social media platforms to explore blockchain as Twitter launched a BTC tipping feature at the end of September and said it was exploring NFT authentication.
Besides saying Instagram was “exploring NFTs” and trying to scale to a “wider audience,” much like its parent Facebook, Instagram is pretty tight-lipped about such features. Three days ago, Polygon and Reddit co-founder Alexis Ohanian’s Seven Seven Six venture capital company announced the creation of a $200 million fund to bolster social media tied to Web3 and blockchain technology.