According to Zuckerberg’s announcement, “We’re working on bringing NFTs to Instagram in the near term. I’m not ready to kind of announce exactly what that’s going to be today. But over the next several months, the ability to bring some of your NFTs in, hopefully over time be able to mint things within that environment.”
This shouldn’t really come as a surprise given the popularity of the tech, so for Meta to attempt to leverage it and attract new users and to keep existing ones makes sense. Plus, Instagram head Adam Mosseri had previously stated that the company was actively exploring the tech.
That being said, we’re not sure how well Instagram users will take to the news. Other companies such as game developers had previously announced their own support for NFTs but were met with huge backlash. While the underlying tech and concept behind NFTs has promise, the highly speculative nature of it, especially since it is backed by cryptocurrency which in itself is also highly speculative, has caused quite a bit of controversy.