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Instagram exploring possibilities to enter the NFT space reveals CEO

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21
Dec
  • Instagram CEO Adam Mosseri has disclosed that the company is looking into the NFT space. 
  • In July, software developer Alessandro Paluzzi hinted through screenshots that the social media giant plans to incorporate NFTs into the platform.

Non-Fungible Token (NFT) is suspected to be at the top of Gartner’s hype cycle as it sits on top of the curve called the “peak of inflated expectations”, this has made it the center of attention and companies are looking to embrace it. According to reports, Instagram, a Meta owned social media platform, is exploring possibilities to join the other heavy-weight companies to enter the NFT industry. 

Related: Facebook goes all-in on Meta with a $60M deal for Meta name rights

In a recent discussion on the Instagram Story which is part of a series of AMA questions directed to the company, Instagram CEO Adam Mosseri disclosed that the company is looking into the NFT idea. 

Nothing to announce yet, but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience. I think it’s an interesting place that we can play…and also a way to hopefully help creators.

Even though Mosseri did not mention any specs of integrating NFT support, Instagram has been massively involved with it in the past. In May, Instagram hosted its first “Creators Week” and displayed NFT creators and NFT tokens. Sean Williams, a digital artist disclosed that Instagram was working on a platform for NFTs. According to Sean, the company reached out to upcoming artists in the NFT industry. 

NFT industry attracting bigger brands

In July, software developer Alessandro Paluzzi hinted through screenshots that the social media giant plans to incorporate NFTs. He also posted an alleged leak of the company’s decision to add features that allow Instagram users to bid on NFT collectibles on the App. As part of the leak, Paluzzi also mentioned that Instagram is likely to support Facebook’s Novi blockchain project and its native asset. 

Months ago, Microsoft and Warner Bros became the newest companies to invest in the NFT space by backing Palm NFT Studio. Palm NFT Studio CEO Dan Heyman mentioned that Microsoft is now looking at a border use case. 

Now they’re trying to push the envelope forward and understand how that private chain experimentation and innovation can translate into other initiatives. We’re very excited that they’ve chosen Palm NFT Studios as their first partner in the public NFT space.

In September, Twitter announced that it was exploring NFT authentication after launching a Bitcoin tipping feature. The likes of Adidas, Nike, DC Comics, Marvel, and many others have entered the NFT industry this year. Also, many celebrities including Snoop Dogg have announced their presence in the NFT space. Just last week, former US First Lady Melania Trump also launched her NFT as the sector continues to grow and gain popularity. 

The NFT craze among big brands has resulted in huge revenues being recorded in the industry. In the first quarter of the year, NFT sales hit $10 billion. This is expected to be higher as many more brands have entered the industry in the past few months. 

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