Facebook and Instagram are reportedly planning on integrating a non-fungible token (NFT) marketplace into their social media platforms.
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According to a report from The Financial Times, Meta, the owner behind the two tech giants, seeks to join a myriad of other companies riding the wave of NFT adoption.
FT says that teams at Facebook and Instagram are preparing features to let users mint their own NFTs and display them as profile photos.
Two of FT’s sources also said that Meta is preparing a complete NFT marketplace, though the details on the project are limited at time of writing.
Meta’s embrace of the sector comes shortly after fellow social media giant Twitter started allowing its iOS users to display NFTs in their profile photos.
Facebook made its first major hint about an entrance to the NFT market in August when Facebook Financial head David Marcus said the company was “definitely thinking” about it.
“Thinking about the metaverse as a fully digital environment is actually super helpful when you design products that need to be future-proof. When I look at what’s going to be needed in the metaverse, it’s really seamless movement of value, and for that, we need a new infrastructure, interoperability, because you’ll want to have multiple wallets able to participate in a metaverse.
And I think having programmable money and having smart contracts on top of a purposefully built blockchain is going to be transformational for the metaverse. Because if you’re a creator, if you’re creating an NFT, you may want to rent your NFT or sell your NFT, you’ll have to store your NFT. And you can think of all kinds of new business models around this that are not possible with the current payments infrastructure and without smart contracts.”
Meta has not made any public comments on the new push for NFT adoption, according to FT.