Instagram Is "Actively Exploring" NFTs, According to CEO Adam Mosseri

Instagram Is "Actively Exploring" NFTs, According to CEO Adam Mosseri

Instagram CEO Adam Mosseri confirmed over the weekend that the social media giant is working on creating features that incorporate non-fungible tokens (NFTs), while responding to a Q&A posted to Stories on his personal Instagram account.

“Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience,” Mosseri said in the video on Saturday.

“I think it’s an interesting place that we can play…and also a way to hopefully help creators,” he added.

Reports relating to Instagram’s interest in NFTs first circulated earlier this year, when app developer Alessandro Paluzzi shared details about the Meta-owned social media platform’s plans on Twitter in July. Though unconfirmed, Paluzzi’s tweets featured a new “Collectible” label that displayed information about a user’s NFTs in a dedicated section on the app.

Separately, Instagram last week reportedly reached two billion monthly active users, according to sources from the company via CNBC. The ever-expanding platform reached the one billion mark just over three years ago in June of 2018, a milestone that took the platform eight years to reach.

Stay tuned for more information on Instagram’s NFT plans.

Elsewhere, Meta has banned seven surveillance-for-hire companies from its platforms.
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