Facebook CEO Mark Zuckerberg has confirmed that Instagram is preparing to introduce non-fungible token support in the near term.
The executive says he expects the company to allow Instagram users to mint NFTs in the coming months.
Meta was rebranded from Facebook last October to shift focus to the sector despite the firm recording $10 billion losses in the previous quarter of 2021.
The announcement is part of the firm’s efforts to expand its offering in the immersive space. The social media firm previously hinted at plans to establish the US-backed stablecoin before encountering regulatory challenges.
Twitter is another social media platform that recently added support for non-fungible tokens to the profile of its customers.
Conventional financial service providers are also making inroads into the sector, with American Express having filed trademarks to offer key services in the metaverse.