Meta Platforms (NASDAQ:FB) has remained on the cutting edge of blockchain technology in the last year. Since before its rebrand from Facebook to Meta, the company has been entrenched in crypto culture, even looking to produce its own digital money for users. Some projects are proving successful — others not so much — but all are drawing interest of some sort from investors. Today, Meta is preparing another big blockchain integration with Instagram NFTs (non-fungible tokens).
NFTs have infiltrated the mainstream massively since early last year. With the growing ubiquity of blockchain and its decentralized applications (dapps), more users have been finding offerings that interest them. And there’s perhaps no flashier investment in the space than NFTs. Mainly an avenue for selling digital art, the NFT industry has grown on the backs of collections like Bored Ape Yacht Club and CryptoPunks. The industry has also attracted solo artists like Beeple who use the technology as a launchpad for their art.
The NFT industry is a bit of a polarizing one, with a great many critics skeptical of the industry’s longevity. Indeed, tokens can fetch some extremely high prices. The most expensive token ever sold brought in a whopping $91.8 million. But while these critics look down on the exorbitant prices, NFT buffs argue that the industry is just like the traditional art industry, with investors buying tokens for the status, the store-of-value or just to have a piece of art.
Instagram NFTs Allow Owners to Show Off Their Digital Art
If one of the main draws to NFTs is the status of ownership, then investors are quite happy to find new opportunities to show their art off. Instagram NFTs will provide that opportunity, and on one of the biggest social media platforms in the world to boot.
Meta announced over the weekend its intentions to integrate NFT support on the Instagram platform. By attaching a MetaMask wallet to the platform, users can upload their NFTs to the platform with proof of ownership.
The announcement comes just months after a similar rollout by Twitter (NYSE:TWTR). In late January, Twitter brought NFTs to its own platform, allowing users to have NFT profile pictures. These pictures come with a hexagonal shape, showing proof of ownership. Unlike Twitter’s NFT profile pictures, though, Instagram will not charge users for the luxury of showing off tokens on its platform.
The news adds to a growing list of blockchain tech that Meta has tried to adopt. While projects like the Diem cryptocurrency fizzled out, others like the Horizon Worlds metaverse space are proving much more successful. Reports suggest Meta will bring NFT integration to Facebook if Instagram’s integration proves successful.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
