Instagram is working on bringing NFTs to its platform

Adam Mosseri announced in an Instagram story, that the company was working on incorporating NFTs on the platform.

As Instagram's parent company, Meta dives into the metaverse, the social media app is aiming to bring NFTs to the platform's two billion users. Owner of the platform, Adam Mosseri said that the company is working on bringing NFTs, which will serve as a digital key to unlocking the metaverse.

In an Instagram story, Mosseri said, "Nothing to announce yet, but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience." He elaborated further and said, "I think it's an interesting place where we can play, and also a way to hopefully help creators."

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NFTs have experienced an explosion this year with its total sales surging to $12 billion. Instagram's parent company also recently change dits name to 'Meta' this year, focusing on the metaverse. Mark Zuckerberg had announced, "From now on, we'll be metaverse first, not Facebook first."

Though Mosseri didn't provide any details as to the announcement, the platform might provide its users to showcase their NFT works or allow users to follow their favorite artists. Alessandro Paluzzi, app developer at Instagram shared the announcement on Twitter in July with screenshots, which indicated that Instagram posts will come up with a label marked "collectible" for users who hold NFTs. Users will also be allowed to make bids on Instagram directly online, supporting Coinbase and Metamask crypto wallets, including Facebook's Novi wallet as wel.