Meta operates in the crypto industry with the Novi platform, which provides US dollar-indexed Pax Dollars (USDP) cryptocurrency exchange. The company, which opened Novi in Guatamala and the United States, also integrated it into the instant messaging application WhatsApp earlier this month.
Working to expand its field of activity in the crypto asset world, Meta is also preparing to step into the NFT market with Instagram. Previously, leaks have emerged that reveal that the social media company will allow NFT to be integrated into the application. Instagram CEO Adam Mosseri said they are actively investigating the use of non-immutable tokens. Instagram CEO: We’re exploring making NFTs accessible
Adam Mosseri held a question and answer session from his personal Instagram account. Mosseri, who stated that they were working on NFT upon a follower’s question, said, “There is nothing we can explain yet. But we are actively researching how to make NFTs accessible to a wider audience.” Adam Mosseri also said of the NFT market, “I think this is an interesting environment. It is also an effective way to support content creators.” However, the Instagram CEO did not share clear information on how the company will integrate NFTs into the platform. The existence of a large social media network such as Instagram in this rapidly growing market is an important development.
On the other hand, application developer Alessandro Paluzzi published concrete information about the company’s NFT work in July. According to Paluzzi, Instagram will definitely offer users support for sharing NFT collections on profile. In addition, it will also allow the work to be sold by auction. There will also be the opportunity to create NFTs and follow famous artists in the industry.