Facebook and Instagram teams, managed by Meta, are working on implementing non-fungible tokens (NFTs) on their platforms, according to reports o Financial Times.
In addition to stating that Meta, Mark Zuckerberg’s company, is working to allow users to use their NFTs as an avatar on their social networks. The sources also claim that the company intends to launch an NFT exchange.
Meta, previously called Facebook, is not the only giant that has its eye on this sector. In September, Twitter already showed how the use of NFT on its platform will be, in addition to Reddit, which already has its own and intends to go further with web 3.
NFT no Facebook e Instagram
After Facebook changed its name to Meta and focused on the metaverse through its virtual reality equipment, those who really benefited from this were cryptocurrency projects linked to virtual worlds.
Famous artists performing virtual shows and land sold for millions of reais are just one example of this. However, it seems that now Meta wants to change the game and take advantage of this cryptocurrency universe in some way, after all, its Libra/Diem currency will not get off the ground anytime soon.
The Financial Times reports that Meta not only wants to allow users to display their NFTs on its two social networks, Facebook and Instagram, but also to allow them to mint their own NFTs and ultimately be able to trade them right there.
Being a new market, now dominated by OpenSea, perhaps it will become as big as the cryptocurrency exchange industry is today. In other words, the risk-benefit ratio is good for Zuckerberg. In addition, it can also take the venture inside the Oculus, its virtual reality hardware.
Decline of social networks
Facebook changing its name to Meta to focus on the metaverse and Jack Dorsey stepping down as Twitter CEO after years of working in Bitcoin, these are two considerations we need to make when thinking about the future of social media.
Stagnant, perhaps not even the NFTs can renew their glow. However, the biggest fear may be the arrival of web 3 in which it is expected that the consumer of these networks will also be part of the profits.
In this way, with the web 3 users will be able to be rewarded for the creation of contents, nowadays made for free in such social networks. Making it difficult for companies like Facebook and Twitter to remain in the spotlight while others can give you bitcoin for producing the same content.
Finally, whether through cryptocurrencies or NFTs, the fact is that the internet is evolving. Some browsers like Opera have already realized this and are delivering a product ready for these new experiences.