NFT is the latest buzz in the crypto world and many tech giants are rushing to embrace the segment. Instagram is the latest company to step into it. Meta said the platform will soon incorporate it.
Meta CEO Mark Zuckerberg said Instagram will be incorporating NFTs in the near future and hope to include existing NFTs along with the minting of new ones.
He added that NFTs would be having a key role in the metaverse, the vision of Meta, as the clothing of the avatar in the virtual version of a user can be minted as an NFT. However, some technical aspects are yet to be mentioned and needed to work before the incorporation takes place seamlessly.
Meta and other tech giants have the belief that NFTs and metaverse may define the future as it is evident from the gaming industry. However, Reggie Fils-Aime, former president of Nintendo of America, argues that the definition of Meta may not succeed as Facebook cannot be considered an innovative company as it has either acquired some good things like Instagram and Oculus or has been following the ideas of people.
Valve President Gabe Newell earlier had imposed a ban on the NFTs from the Steam platform commenting the space was rife equipped with uncontrollable fraud and sketchy behavior.
NFT is the acronym for non-fungible token. It is basically a unit of stored data on a blockchain and that cannot be interchanged. The types of it include videos, audio and videos. It differs from cryptocurrencies. Hence, it cannot be confused with Bitcoin or Ethereum.
It is claimed that the NFT ledgers provide proof of ownership or a certificate of authenticity. It does not restrict copying or sharing of the files.
Instagram is a video and photo sharing social networking platform that was founded in April 2012 by Mike Krieger and Kevin Systrom. On the first day of launching the app was downloaded over one million times. Facebook Inc. acquired it in April 2012 for $1 billion in both cash and stock.
The platform was redesigned in June 2015 to enhance the desktop website experience and make it more minimalistic and flat as well as to give more screen space to photos. A Windows app was released in April 2016 over continued demand from Microsoft. About a year later, it was completely redesigned to add a black-and-white design theme.