Key takeaways:
- Facebook and Instagram are working on a feature that will allow users to see NFTs of their social media profiles, and a few people familiar with the issue have produced tokens that users can collect.
- Users will be able to produce and sell non-fungible tokens, according to Meta’s proposals.
According to The Financial Times, Meta is considering allowing users to build, promote, and trade NFTs on Facebook and Instagram.
If the corporation offers such tools, it will be the most public display of support for NFTs yet, helping to cement the controversial assets’ place in the digital world.
The ideas are “in an early stage and could potentially change,” according to the Financial Times. According to the journal, Facebook and Instagram are “readying” a feature that will allow users to use NFTs as profile photographs, as well as developing a prototype that would allow users to mint new NFTs. Other Meta employees are allegedly talking about “launching a marketplace for consumers to buy and sell NFTs.”
Last December, Instagram CEO Adam Mosseri stated the firm is “currently exploring NFTs and how we can make them more accessible to a wider audience,” while Meta CEO Mark Zuckerberg said the metaverse will need to enable “ownership of digital products or NFTs” in October.
OpenSea, the dominant NFT marketplace that takes a 2.5 per cent share of every sale, raised $300 million at a $13 billion valuation this month, just six months after raising $100 million at a $1.5 billion valuation. Coinbase, a major cryptocurrency exchange in the United States, is creating its own marketplace.
Meta’s ambitions will also assist artists in monetizing their digital art at a time when money is pouring into the selling of pricey limited edition NFT collections like CryptoPunks and Bored Ape Yacht Club. As a way of signalling their online status, buyers of these exclusive collections frequently use their pieces as their Twitter profile images.
Non-fungible tokens, or NFTs, have been gaining traction with other well-known web platforms in recent months. Twitter is developing ways to highlight blockchain-enabled things, while Reddit has its own set of NFT avatars for users.
