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Instagram is actively researching the NFT space, says CEO


 
The non-fungible token (NFT) space has seen massive adoption since the beginning of the year. The market is expected to attract even more investment.

The meta-company Instagram is the youngest company to enter the non-fungible token space. The company's CEO Adam Mosseri recently revealed that the social media giant is actively researching the NFT space.

He recently made this known in an Instagram video, stating that the company has had an interest in the NFT space for some time. The company aims to have a presence in the NFT market. He said:

“Nothing to announce yet, but we are definitely actively researching NFTs and how we can make them more accessible to a wider audience. I think it's an interesting place to play ... and also a way to help YouTubers. "

This latest development comes just two months after parent company Facebook was renamed Meta, which illustrates a desire to fully explore the Metaverse and NFT space. Instagram is the newest big company to focus on the NFT space.

The NFT space has made massive progress since the beginning of the year. A recent report released by DappRadar found that NFT trading volume had exceeded $ 23 billion since the start of the year, making it one of the fastest growing areas within the broader cryptocurrency industry.

In the third quarter of the year, total NFT trading volume topped $ 10 billion for the first time. The trading volume in the fourth quarter of 2021 is expected to exceed this level. The market is expected to become even more competitive in the coming months and years.

OpenSea remains the world's leading NFT marketplace. However, the entry of big companies like Binance, Coinbase and FTX will make it even more competitive. The NFT space has already attracted media companies, celebrities, and athletes.
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