- Meta’s subsidiary Instagram is reportedly testing a way to showcase NFTs on its platform.
- Meta’s NFT marketplace will allow trading and minting of NFTs that can serve as digital collectibles in its own Metaverse.
Non-fungible tokens (NFTs) have created a rage in the crypto sphere and Facebook’s parent company Meta is reportedly diving into it. As per the latest report from Financial Times, Meta is reportedly working on ways to create, report, and sell NFTs on two of its biggest social media platforms Facebook and Instagram.
Instagram is reportedly testing a way to showcase NFTs on its platform. Last month on December 18, Instagram Chief Adam Mosseri said that they are currently exploring NFTs. He further added:
Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a broader audience. I think it is an interesting place that we can play and also a way to hopefully help creators.
The company has declined to comment anything at this point. But two sources familiar with the matter said that Facebook’s Novi Wallet technology will power much of the “supporting functionality” for NFTs.
Facebook’s dip into NFTs makes sense at this point considering that it’s making a big move into the world of Metaverse. In the Metaverse, NFTs can find good applications as digital collectibles and tradable assets.
Meta chief Mark Zuckerberg has also acknowledged the use of NFTs in the past. Furthermore, Meta’s move with non-fungible tokens (NFTs) can further bolster the $40 billion NFT market.
Meta Working on A NFT Marketplace
Two sources familiar with the latest matter told FT that Meta is also working on its native NFT marketplace. Users on this marketplace can create/mint the digital collectible tokens of their choice. Besides, the NFT marketplace will also support buying and selling of digital collectibles.
The native NFT marketplace will provide an infrastructure to trade digital collectibles in Facebook’s Metaverse. As a result, Meta won’t have to rely on any third-party platforms like OpenSea.
Facebook’s experiments with NFTs can put a huge weight behind the industry forcing other companies to join. We have seen how Facebook’s announcement of the building a Metaverse has created a cascading effect with everyone wanting to get a slice of this exciting virtual world.
But not everyone is willing to participate in the Metaverse. The 71-year-old PlayStation creator Kutaragi has come forward with his opinion on the Metaverse and thinks it to be “pointless”. He said:
Being in the real world is very important, but the metaverse is about making quasi-real in the virtual world, and I can’t see the point of doing it.
Well, Kutaragi has received instant support from the world’s richest man and billionaire Elon Musk. The Tesla boss called Kutaragi’s views “great wisdom”.