Monday, March 4

Facebook and Instagram to Allow Users to Create and Sell NFTs: Report

The growing in popularity sector of non-fungible tokens has reached Meta and its two large social media platforms – Facebook and Instagram. A recent report outlined that both parties are looking into a way to allow users to create and sell NFTs.

  • Citing people familiar with the matter, the Financial Times outlined Meta’s plans to enter the NFT space.
  • Both social media platforms – Facebook and Instagram – are developing features that will enable their multi-billion userbase to create and sell non-fungible tokens.
  • Additionally, they will be able to display NFTs on profiles as well as eventually mint digital collectibles.
  • Future Meta plans include launching its own marketplace, but the sources claimed that this one could change as it’s in an early stage.
  • Non-fungible tokens have skyrocketed in popularity in the past year or so, garnering the attention of people and businesses from almost every industry.
  • This pushed numerous companies, usually from within the crypto space, to launch NFT marketplaces of their own, including, most recently, Coinbase and Bybit.
  • However, becoming a multi-billion dollar market seems enough to get the attention of giants from outside of crypto, such as Meta.

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