Facebook parent company Meta is reportedly working on ways to allow users to create, sell, and display NFTs on their social media profiles. As reported by Financial Times (opens in new tab), teams across both Facebook and Instagram are preparing tools for creating and distributing NFTs. Though Meta has declined to speak on the matter formally, several people familiar with the company’s plans have shared that the teams are exploring the option of a marketplace wherein users can “mint” the collectibles and offer them for sale to others on social media platforms. Meta chief executive and Facebook creator Mark Zuckerberg spoke last year (opens in new tab) about NFTs, stating that he saw a future wherein the technology could be used to support a marketplace for digital goods. Meta will continue investing $10 billion per year into the new but expanding metaverse, and it stands to reason that some of that venture will include expanding these marketplace ideas. Facebook’s digital currency wallet Novi (opens in new tab) is expected to play a substantial part in Meta’s adoption of NFTs. “A lot of the supporting functionality relating to Novi will be powering the NFTs” claimed one source familiar with the situation. Meanwhile, Instagram head Adam Mosseri recently stated that the platform was “actively exploring NFTs,” though he stopped short of confirming any pertinent details. However, two people involved in the process have shared that the company is now internally testing an NFT showcasing feature, presumably allowing users to display their creations or purchases in a manner specific to the technology. Last year alone the NFT global market managed to rake in an estimated $40 billion (opens in new tab) in cryptocurrency according to a blockchain analytics firm, so it looks like it’s here to stay for the foreseeable future.
