President Adam Mosseri said Saturday that Instagram is actively exploring non-fungible tokens (NFTs) and how the platform can make them more accessible.
In an Instagram Q&A post to Stories, Mosseri, when asked about his thoughts on integrating NFT into Instagram, said, “Nothing we are announcing yet but we are definitely actively exploring NFT and how we can make it more accessible to a wider audience.”
“I think it’s an interesting place we can play and also a way we hope to help the creators,” Mosseri added.
Reports circulated regarding the Meta-owned photo-sharing app working on NFTs earlier this year. App developer Alessandro Paluzzi in July shared details about the possibility of Instagram bringing in non-fungible tokens as the platform was looking to work on collectibles.
According to Paluzzi’s tweets, Instagram posts offering NFTs may come with a tag called “Collectible” to alert users about the NFT they have purchased. However, the platform has not confirmed these details.
Separately, Instagram launched a bunch of new features this week including playback, reels, and profile embedding.
Play IG allows users to share their favorite stories from 2021 and show them back in a montage.
The Reels feature allows users to take a comment and create a reel of that comment.
With profile embedding, Instagram is extending the ability to embed photos and video posts on the platform on websites to user profiles. Rolled out in the US, the feature allows users to embed a “mini version” of their Instagram profile on a website.