In early 2022, the Financial Times magazine had already released similar information. It also reported that Facebook and Instagram, both owned by Meta, would become apps for buying and selling digital assets. However, Mark Zuckerberg hasn't explained the entire ecosystem of this new tool.
What is known so far? If there's one thing that can be assured, it's that this non-fungible token integration is already in development, so the company has been focused on resolving the technical issues that have been accumulating along the way.
"We're working to bring NFTs to Instagram in the short term. I'm not ready to announce exactly what that will be today, but in the coming months, you'll have the ability to bring some of your NFTs. And over time, you'll be able to mint within that environment," Zuckerberg said at the SXSW conference.
On the other hand, Adam Mosseri, Instagram's chief executive, had already outlined the company's possibilities with NFTs. In December, he said the company was exploring the possibility of giving these elements a space to gain greater reach with new audiences and creators.
In the conversation, Mark Zuckerberg largely discussed his metaverse. Additionally, he mentioned the metaverse's ability to turn almost anything into a non-fungible token that can then be traded by users. For example, Zuckerberg hopes that "the clothes your avatar wears in the Metaverse can be minted as NFTs, and you can take them with you to different locations."
This way, brands would have a new level to take their marketing strategies to. After this implementation, they would have to focus on innovation to create new possibilities through audience loyalty, thanks to this new approach.