Instagram is actively exploring NFTs according to the CEO Adam Mosseri who said that the social media platform is trying to make them more accessible so now let’s find out more in our latest altcoin news today.
Instagram is actively exploring NFTs and Mosseri said via his own Instagram account last week:
“Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience. I think it’s an interesting place that we can play…and also a way to hopefully help creators.”
The CEO’s comments came after a year when the social media platform already started getting into the NFT space as well as the crypto space. In May, Instagram hosted a panel for NFT creators which was a part of its “Creator Week” which was designed to help the creators grow the following and to monetize their platforms. The VP of global partnerships Charles Porch noted:
“They have told us they need more information on how to do that, not just from us, but from other creators.”
The event was invite-only but other sessions were available publicly. The former executives from Instagram, Stripe, and Tinder announced a $50 million crypto fund called Chapter One which focused on design and providing practical advice to the founders. Jeff Morris who is the former VP of product at Tinder noted:
“There’s a lot of things that worked in Web2 that could be incorporated into Web3.”
Chapter One used funds to invest in seed rounds for a few crypto-related companies like Dapper Labs and Compound.
As reported previously, According to mobile developer Alessandro Paluzzi, Instagram will allow users to sell NFT collectibles adopting a version of NFTs soon as he has a knack for finding mobile updates ahead of time. According to him, both Twitter and Instagram planned major changes in their offerings with Twitter considering two new services via Chipper Cash and Wealthsimple. Instagram is working on Collectibles as Paluzzi said. According to his research, Instagram posts offering NFTs will be labeled as Collectible which alerted users that the post contains a purchasable NFT. Despite the fact that Instagram has yet to announce the NFT introduction on its platform, the social media company mentioned a chance of introducing payment features.
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