Meta enters the world of NFTs

Meta and Instagram, is stepping into the world of non-fungible tokens (NFTs).

According to a report by the Financial Times (FT) published on Thursday (20), Mark Zuckerberg’s company is working on a plan to allow users to create and sell digital collectibles in the form of NFT.

More precisely, the Facebook and Instagram teams are preparing a feature that allows users to view NFTs on their social media profiles. In addition, users will eventually be able to create digital collections.

Meta could launch NFTs marketplace

Sources familiar with the news told the FT that Meta talked about launching a marketplace for users to buy and sell NFTs. According to the sources, the initiative is still in its infancy. Therefore, it is still subject to change.

Anyway, this shows how Meta is committed to entering the sector that gained strength in 2021 and is expanding in 2022, with several companies joining this medium.

Turnover involving non-fungible tokens exceeded $13 billion in 2021.

That number, based on data as of December 28, is a massive increase of nearly 43,000% compared to 2020 NFT trading volumes.

And no less. Companies like Coinbase, adidas, lamborghini, Nike, Budweiser and many more are tapping into this growing market. Even China, which has banned cryptocurrencies, is creating state-owned NFTs.

Facebook, Instagram and NFTs

But the arrival of non-fungible tokens on the social networks Facebook and Instagram is not exactly new.

After all, last year Andrew Bosworth, the company’s chief technology officer, informed Meta planned to adopt NFT technologies and Decentralized Autonomous Organizations (DAO).

Furthermore, Instagram CEO Adam Mosseri, he said qthat the social network was already actively investigating NFTs.

According to Mosseri, the network was studying ways to make them more accessible to its users:

“Nothing to announce yet. But we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience.”