Meta Platforms has confirmed that the company is building the technical functionality that will enable users to mint/create and display their NFTs on Instagram. CEO Mark Zuckerberg said "We're working on bringing NFTs to Instagram in the near term," in a conversation at South by Southwest conference with Shark Tank's Daymond John.
Former Meta exec David Marcus announced in August last year that the company wanted to build an NFT feature alongside its Novi digital wallet. The 'Zuck' spent most of his 50-minute interview discussing his passion project, the Metaverse, and his point of view of the immersive version of web3.0.
I think Meta is about a year-and-a-half late into NFTs, OpenSea has done the leg work and cornered that market already. However, we all remember how Facebook copied SnapChat's most important feature and grew it into a revenue-generating machine on Instagram. After all, Instagram has more eyeballs than OpenSea.