The nonfungible token (NFT) space is one of the fastest-growing within the cryptocurrency industry, attracting major companies and celebrities in recent months. The sector is expected to record further growth over the coming months and years.
Social Media Giant is Entering the NFT Space
Instagram CEO Adam Mosseri has revealed that the social media giant is actively exploring the NFT space. The Meta-owned social media platform is the latest big company to enter the budding NFT industry.
Mosseri said, “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.”
This isn’t the first time Instagram is entering the NFT space. Earlier this year, the company hosted a panel for NFT creators in a bid to attract talent to its social media platform. Instagram designed the event to help creators grow their following and monetize their platforms.
Instagram’s desire to go deeper into the NFT space doesn’t come as a surprise as its parent company Facebook rebranded to Meta two months ago, a move that underlined its desire to explore the NFT and metaverse sector.
NFT Space Continues to Attract Big Companies
The past few months have seen numerous large companies enter the NFT space. Last week, Microsoft and Warner Bros became the latest companies to invest in the NFT space after backing startup Palm NFT Studio.
Other leading companies such as Adidas, Nike, Marvel, DC Comics, and several others entered the NFT sector area this year. The sector has also attracted numerous celebrities since the start of the year.
NFTs have become very appealing to music stars, movie actors and athletes of various sports. Former US first lady Melania Trump also launched her first NFT last week. The adoption is expected to continue as the sector is just starting to grow and grab people’s attention.
Instagram isn’t the only social media company that is expanding into the NFT space. Social media platform Parler announced earlier today that it would expand its business into nonfungible tokens.
This article was originally posted on FX Empire