Meta CEO and founder Mark Zuckerberg says the technology conglomerate is experimenting with digital collectibles on two of its biggest social media brands.
Zuckerberg that Meta will initially test non-fungible tokens (NFTs) on Instagram and then Facebook before rolling out NFTs to other apps.
We’re starting building for NFTs not just in our metaverse and Reality Labs’ work, but also across our family of apps.
And one of the new things that I wanted to announce and share today is we’re starting to test digital collectibles on Instagram so that creators and collectors can display their NFTs…
I’m really excited to start testing this. We’re going to bring similar functionality to Facebook soon too. And then maybe to other apps in our family.”
Zuckerberg also says that Meta is working on functionality that will allow content creators to publish 3D NFTs to Instagram Stories using its augmented reality (AR) platform Spark AR Studio.
“We’re also you know going to work on augmented reality NFTs, basically 3D NFTs that you can bring to Instagram Stories using Spark AR.”
According to Zuckerberg, expression and profit are two of the major factors fueling digital collectibles.
“A huge part of this I think is about expression, saying something about yourself. What do you want on your profile? What’s the collection that you want to show?
And maybe there’s a financial component about that and that people bought these things and maybe they want to sell them at some point.
But a lot of it is about expression. Certainly in the context of a social network that makes sense.”
The CEO signaled about two months ago that Instagram would be incorporating NFTs though he didn’t reveal the specific roll-out date at the time.