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Mark Zuckerberg confirms NFT is forthcoming on Instagram

Mark Zuckerberg confirms NFT is forthcoming on Instagram

Facebook's founder announced that the NFT creation feature could appear in the next few months. However, the exact launch date is unknown. 

According to the Financial Times, Meta Corporation is actively implementing NFT in its products, namely, Facebook and Instagram. Moreover, they are working on developing a platform for creating non-interchangeable tokens. Still, it is not clear whether it will be a platform not only for creating but also for selling crypto assets. 

Even though there are no technical details about implementing the new technology yet, it is believed that NFT will be used to create unique avatars. Some assume that Meta will follow Twitter's example of verification with NFT .    

Recall that Mark Zuckerberg was among the early adopters of the crypto industry. Back in the spring of 2018, he created a department dedicated to blockchain technology. Being named "Facebook Coin," the department within a year succeeded in developing its own concept of a new cryptocurrency, called Libra. Among its features were the renunciation of mining, the development of a payment system with integration via WhatsApp and Facebook Messenger. A non-profit company called Libra Association, headquartered in Switzerland, was created for it. Initially, the association consisted of 27 companies, including such giants as eBay, Spotify, Uber, Visa, Mastercard, PayPal, and others. 

However, the U.S. Congress did not allow the cryptocurrency to enter the market. 

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