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Meta may allow users to create, showcase, and sell NFTs: Report

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Highlights:

  • Facebook-parent Meta is planning to enter the booming market for non-fungible tokens.
  • The social-media giant is planning to allow users to create and sell NFTs.
  • The plans are still in the early stages, but they will likely hinge on the company’s crypto wallet Novi.

Meta is working on plans to allow users to create and sell non-fungible tokens as Facebook’s parent company seeks to join the rush of companies trying to capitalize on the digital collectible craze. Facebook has recently announced a major investment into the metaverse, which it mostly defines in terms of virtual and augmented reality.

If the company launches such tools, it would be the biggest show of mainstream support for NFTs to date and help solidify the controversial assets’ place in the digital world. This report should not come as a surprise. Last October, Mark Zuckerberg spoke about digital goods in his future vision of the metaverse and specifically referenced NFTs. In December, Instagram’s head Adam Mosseri specifically said that he believed it was “an interesting space” that Instagram could actively take a part in to “hopefully help creators.”

Meta is planning to allow users to create and sell NFTs

Teams at Facebook and Instagram are readying a feature that will allow users to display their NFTs on their social media profiles, as well as working on a prototype to help users create — or mint — the collectible tokens, according to several people familiar with the matter. The news comes just days after a report that Walmart is preparing to launch its own NFT collection, and other major brands such as Nike and Coca-Cola have already dipped their toes in the space as well.

Adam Mosseri, the chief executive officer of Meta-owned Instagram, said the platform was “actively exploring NFTs” and features to make them more accessible, but he didn’t provide any specific details. In case Instagram and Facebook set their step in the NFT digital assets market, the technology will surely become more substantial than it is currently. Twitter and Reddit are also said to be working on integrating the NFT and Blockchain technologies on their platforms.

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