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.