Head of Meta Mark Zuckerberg has reportedly disclosed details related to a development involving its video and photo-sharing app, Instagram, working towards including (NFTs) to the platform.

Specifically, “We’re working on bringing NFTs to Instagram in the near term”, Zuckerberg reportedly shared during his speech at the South by Southwest conference in Austin, Texas. 

The Facebook founder did not disclose the precise timeline to the official introduction of the implementation, nonetheless. 

Casey Newton, the writer for the Platformer newsletter, reportedly shared via Twitter that Zuckerberg further shared his hopes that in the next months, Instagram users would have the ability to mint their own NFTs on the platform.

In October 2021, Meta reportedly finalized the name rebranding from well-known Facebook to its current one, in a bid to shift more attention to Metaverse-associated initiatives. 

The firm reports from the last quarter pulled an unprecedented move, showing the financial specifics of its virtual and augmented reality research and development business, Reality Labs, revealing financial damage of more than $10 billion.

This development is reportedly not Meta’s first foray into the crypto sphere. Three years ago, the firm revealed a plan down its pipeline to build “Libra” (later rebranded to “Diem”) – a USD-pegged stablecoin that could not come to life because of regulatory approval insufficiency, as well as community pushback. 

The initiative was reportedly then bought off by Silvergate Capital, despite a few ex-Meta staff now working towards bringing the open-source stablecoin back to life via creating a network of their own.

Social media firms have reportedly been investing resources in implementing cryptocurrencies and NFTs into their platforms following Twitter’s famous decision to add support for NFT profile pictures in January, with nominal names like Reddit and OnlyFans.