Will your Instagram photos become the next Bored Apes? Probably not.
Instagram has plans to allow users to display their NFTs and even mint new NFTs within the app, according to Meta CEO Mark Zuckerberg. But what does that even mean? There are quite a few possibilities, and none of them make a whole lot of sense.“We’re working on bringing NFTs to Instagram in the near term,” Zuckerberg said on Tuesday at South by Southwest, according to“I’m not ready to kind of announce exactly what that’s going to be today.
Non-fungible tokens, or NFTs, are basically just a receipt on a blockchain that can point to anything using a hyperlink. And while most people associate NFTs with the “purchase” of drawings, thanks to the Bored Ape Yacht Club, they can really act as an agreement for purchasing almost anything. Again, an NFT acts as little more than just a receipt and has no actual enforcement mechanism for stopping anyone else from claiming ownership over the same digital file. And that’s what makes it so confusing when Zuck says Instagram will let users display their NFTs. It’s not clear what that actually means.
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