Mark Zuckerberg, CEO and founder of Meta, has stated that the multinational technology conglomerate is conducting experiments with digital collectibles on two of its most prominent social media brands.
According to Zuckerberg, Meta will first conduct tests of non-fungible tokens (NFTs) on Instagram, followed by Facebook, before expanding the testing to include other apps.
“We’re starting to build for NFTs across the board, not just in our metaverse and the work that Reality Labs is doing, but also in all of our other apps.
And one of the new things that I wanted to announce and share with you today is that we are beginning to test digital collectibles on Instagram so that content creators and collectors can show off their NFTs…
I can hardly wait to get started on the testing of this. In the near future, we will also bring functionality of a similar nature to Facebook. And after that, perhaps to some of our other applications.”
Meta Facebook Instagram NFTs are coming
According to Zuckerberg, Meta is currently hard at work developing functionality that will enable content creators to publish 3D NFTs to Instagram Stories utilising the augmented reality (AR) platform Spark AR Studio.
“We’re also going to work on augmented reality NFTs, which are basically 3D NFTs that you can bring to Instagram Stories using Spark AR,” said the company. “You know, we’re going to work on those.”
According to Zuckerberg, two of the primary driving forces behind the rise of digital collectibles are expression and financial gain.
“I believe that a significant portion of this is about expression, specifically saying something about oneself. What kinds of things would you like to see on your profile? Which portion of your collection do you intend to display?
And it’s possible that this has something to do with money, as in, people bought these things, and now they’re thinking about selling them at some point in the future.
However, a significant portion of it relates to expression. Within the framework of a social network, that makes complete and utter sense.”
Although he did not disclose the exact roll-out date at the time, the CEO hinted about two months ago that Instagram would be incorporating NFTs. However, he did not provide a specific date.