Instagram Shifts Focus to NFTs as the Industry Gains Momentum

Instagram Shifts Focus to NFT

Instagram CEO, Adam Mosseri, says that the social media platform is actively looking into integrating NFTs amid exponential sector growth.

Mosseri notes that the idea would be to label Instagram posts offering non-fungible tokens as collectibles.

The executive thinks that the NFT market is an exciting space and aims to assist creators in growing their market reach.

Instagram is reportedly seeking to collaborate with Meta, which is already pursuing its ambitions in immersive technology.

Alessandro Paluzzi, an application developer, shared screenshots of collectibles in June, noting that the social media network was looking to integrate them into its services.

The non-fungible token market is growing exponentially, with $335 million in sales recorded in the past seven days. The weekly sales have skyrocketed 12,780% since the start of the year.

Source: Cryptopotato

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