Instagram is set to introduce NFTs in the 'near term', according to Mark Zuckerberg.
Speaking at a session during SXSW, the Meta CEO didn't share a lot of detail on the move, but hinted at plans:
“We are working on bringing NFTs to Instagram in the near term. I’m not ready to announce exactly what that’s going to be today, but, over the next several months, the ability to bring some of your NFTs in, and hopefully over time be able to mint things within that environment.”
It's a move which will bring the technology to a wider audience. NFTs are growing in popularity, with NFT transactions growing from $40.96 million in 2018 to $338.04 million in 2020.
The most expensive NFT to date is The Merge, by digital artist Pak. This piece of 'fragmented art' sold for $91.8M million.
The. introduction of NFTs also fits in with Meta's broader plans around the metaverse.
Aside from renaming the entire company Meta, it announced its intention to become a 'metaverse first' company.