During the South by Southwest Festival in Austin, Texas this week, Facebook CEO Mark Zuckerberg announced that Meta will soon allow non-fungible tokens, or NFTs, on popular video and photo-sharing app Instagram.
The CEO was tight-lipped about when the feature might be rolled out, though Zuckerberg highlighted that Instagram users might be able to mint NFTs of clothing for their own digital avatars.
Twitter unveiled NFTs as profile pictures earlier this year, though the feature has not gone mainstream on the platform.
Facebook has waded into blockchain projects previously, including an unsuccessful 2019 experiment to launch a digital currency named Libra. The project was rebranded as Diem and shut down in January 2022, after several high-profile departures from the project amid political scrutiny.
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Last year, Zuckerberg also rebranded Facebook as Meta, in a push toward the “metaverse,” an idea that the company can offer 3D spaces “to help users socialize, learn, collaborate and play in ways that go beyond what we can imagine.” The announcement caused the price of Meta’s shares to plunge over 20%.