Instagram will soon offer NFTs, says Mark Zuckerberg

During the SXSW conference, the tech billionaire announced Instagram's plans for NFTs, but did not specify a specific date for their release.

Instagram will soon offer NFTs, says Mark Zuckerberg

Non-fungible tokens, or NFTs, will soon make their way to Instagram, according to Mark Zuckerberg, co-founder and CEO of Meta, formerly known as Facebook.

During the SXSW conference, the tech billionaire announced Instagram's plans for NFTs, but did not specify a specific date for their release.

Zuckerberg also confirmed on Tuesday that the picture-sharing app will be supporting NFTs.

In recent months, rumors have swirled about the presence of Instagram NFTs, with many predicting users would be able to mint and share new NFTs on the social network.

Meta CEO Mark Zuckerberg made a statement that he hopes one day users will be able to mint the clothes of their digital avatars as NFTs. He acknowledged that there is still work to be done before this can happen.

Zuckerberg has already experimented with blockchain technology in the past. His company infamously launched a digital currency called Libra in 2019, but the project failed as a result of regulatory and political blowback.

As a result of pressure from Senators Sherrod Brown (D-OH) and Brian Schatz (D-HI), several founding members of the so-called Libra Association left the project within months of its announcement. Libra, then called Diem, died in January 2022.

In a virtual event last October, Zuckerberg announced Facebook would rebrand to Meta with a mission to connect people and bring the metaverse to life.