Instagram CEO confirms that the company is actively exploring NFT integration

The social media giant Instagram is exploring the integration of the non-fungible tokens (NFT) on its platform, says the company’s Chief Executive Officer (CEO).

Instagram’s CEO, Adam Mosseri, said the platform is looking at NFTs and how it might make them more accessible to its ever-expanding user base.

According to reports, Mosseri made the remarks in an Instagram Q&A over this weekend. Labeling Insta photos that provide NFTs as “collectibles” is one approach. He stated that the company hadn’t made any announcements yet, but it is absolutely looking into NFTs and how it might make them more available to a wider audience.

“I think it’s an intriguing space where we can play and also a method to maybe benefit creators,” Mosseri said, adding that they intended to help content makers.

Mosseri said that the company genuinely wants to help content creators by adding, “I think it is an interesting place that we can play and also a way to hopefully help creators.”

Previously, the company also promised to offer $35,000 to creators on posting videos on TikTok clone, Instagram Reels.

Instagram might collaborate with Meta

Instagram is owned by the social media giant and metaverse company Facebook (now rebranded to Meta) and is rumored to be diving into the NFT world earlier in 2021. We can see it collaborating with its parent company Meta and its grand metaverse vision. Interestingly, Meta is called cancer to democracy by Alexandria Ocasio-Cortez recently.

Digital artist Sean Williams hinted at the company’s NFT ambitions and indicated in May that Instagram was planning on an NFT platform and reaching out to young artists in the NFT field.

Additionally, in late June, app developer Alessandro Paluzzi posted on Instagram about the possibilities of NFTs. He shared screenshots of the “Collectibles” at the time, claiming that the social media giant was working on incorporating them.

He said in October that Instagram is still working on “Collectibles,” including the option to integrate a digital wallet like MetaMask. Paluzzi reportedly announced the addition of new wallets in early December, noting Coinbase, TrustWallet, and Novi in particular.