Technology

To add NFT features to Instagram to follow Twitter, Meta CEO Mark Zuckerberg has announced


Instagram may soon get features about non-fungal tokens (NFTs), Mark Zuckerberg reported in a recent speech. Zuckerberg-led Meta (formerly Facebook) is the leading company in the popular photo messaging app, with approximately one billion users worldwide, according to research firm Statista. Instagram will essentially follow Twitter, and has already begun adding NFT-related features to the micro-blogging platform, allowing the owners of these digital collections to show off their priced virtual goods. Supported by Blockchain, NFTs are digital assets inspired by a variety of things, including people, photos, food, cartoons, and even game characters.

Zuckerberg, 37, spoke on Instagram about NFT plans while speaking at the South by Southwest conference in Austin, Texas.

Without going into elaborate details, the tech mogul said that Instagram users “expect” to write their NFTs in the app in the coming months, CoinTelegraph reported.

Digital artists, who are being appreciated by the NFT sector for putting their work on the map, will witness a rise to reach a wider section of the global audience with the upcoming features on Instagram.

The date of launch of these NFT features in the photo messaging app is unclear.

On November 1, the mammoth social media Facebook announced a brand new name with the new name Meta. Company officials say they are preparing for the metaverse, driven by Augmented Reality (AR), which will create a fully functional virtual universe.

According to Zuckerberg, in the future of the metaverse, a person will “immediately be able to teleport as a hologram to the office without a commute, to a concert with friends, or to be caught in your parents’ living room. This will open up more opportunities wherever you live. ”

A Bloomberg Intelligence report says the market for metabersion will reach $ 800 billion by 2024 (approximately $ 59.58,719 million).

NFT will create its own elements of the metaverse, allowing people to act as virtual avatars and interact with them. It is not entirely surprising that NFT-related features are expected to be released on other Meta platforms such as WhatsApp and Facebook.

In January this year, Twitter allowed its NFT holding users to view their digital collection as a hexagonal profile picture. Clicking on the images will reveal details about the art and its ownership.

Other social networking applications such as Reddit, OnlyFans and YouTube are also testing NFT-based features for their respective platforms.

NFT’s sales volume crossed the $ 25 trillion (about $ 1.84.7 billion) mark in 2021.

But this month, NFT-related search volumes have dropped significantly in Google Trends.

The average selling price of a non-fungal token has dropped to less than $ 2,000 (about 1.5 lakh), compared to an all-time high of almost $ 6,900 (about 5.3 lakh) in early 2022, according to the NFT. non-fungible data resources.






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