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Instagram to start exploring NFTs to make them ‘more accessible’

INSTAGRAM to explore non-fungible tokens. Picture: File

INSTAGRAM to explore non-fungible tokens. Picture: File

Published Dec 29, 2021

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INSTAGRAM is ‘exploring NFTs’ and wants to make them ‘more accessible’.

The photo-sharing platform have announced they are looking into non-fungible tokens (NFT), which they hope they can bring to a wider audience by making them more accessible to all people.

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Instagram CEO Adam Mosseri said in a post last week: “Nothing to announce yet, but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience. I think it’s an interesting place where we can play, and also a way to hopefully help creators.”

NFTs are traded online and are often linked to a cryptocurrency, which can make them seem inaccessible to people who aren’t involved in the crypto market.

While Adam didn’t elaborate further in his Instagram post, his comments suggest the social network might provide its users with tools to showcase the NFTs they create, which would make the content available to anyone with an Instagram account.

The news comes after app developer Alessandro Paluzzi shared details of Instagram's NFT-related plans in July with screenshots posted on Twitter.

Alessandro’s screenshots seemed to indicate Instagram posts could come with a “collectible” label to mark NFTs held by a user, as well as the possibility of a feature that lets users make bids for NFTs directly through Instagram.

He said Instagram is likely to support Coinbase and MetaMask crypto wallets, as well as Facebook’s Novi wallet.

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