NFT or Non-fungible token is soon to debut in Instagram as per a recent announcement by Adam Mosseri the head of the social networking platform. In a Q&A session posted to his Instagram Stories, Mosseri answered positively to a question on whether the social platform is looking to dive into the world of NFTs.
The top exec responded that it is “definitely actively exploring NFTs” and weighing options on how to make it “more accessible to a broader audience”. Mosseri went on to term NFT as “an interesting place that we can play and also a way to hopefully help creators” while giving no further details on any official announcements on the same.
Previously, there were reports circulating with regards to the Meta-owned photo-sharing app working on this crypto space earlier this year. Subsequently, in July 2021, App developer Alessandro Paluzzi did share details about the possibility of Instagram bringing its native non-fungible tokens as the platform was looking to work on Collectibles.
According to Paluzzi’s tweets, Instagram posts that would offer NFTs might come with a label named “Collectible” to inform users about the particular NFT that they purchased. However, the platform did not confirm these details.
On a different note, Instagram launched an array of new features this week such as Playback, Reels replies, and Profile embed. The IG playback feature in particular enables users to share their memorable stories from 2021 and show them again in a montage. Another latest offering is the Reels visual reply feature that lets users take a comment and create a reel from that comment.
Coming to the Profile embeds feature, Instagram is extending the ability to embed photos and video posts on the platform on websites into user profiles. Debuting first in the United States, the feature lets users embed a “miniature version” of their Instagram profile on a website. That being said, let’s delve into the latest entrants in the NFT domain.
Adidas’ emergence into the NFT market
Adidas Originals have announced the upcoming launch of their nonfungible token collection titled Into the Metaverse. The collection’s sale took place via the company’s official website on Dec. 17. A few days ago, Tronweekly reported on a new NFT marketplace called Fractal launched on Solana blockchain by Twitch founder Justin Kan.