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Meta Likely Working on NFT Marketplace for Facebook and Instagram

UTC by Bhushan Akolkar · 3 min read
Meta Likely Working on NFT Marketplace for Facebook and Instagram
Photo: Depositphotos

The new Meta NFT Marketplace will allow users to create/mint the digital collectible tokens as well as buy and sell NFTs.

Facebook‘s parent company Meta is all set to dive into the world of non-fungible tokens (NFT) as per the latest report from Financial Times. The report notes that both – Facebook and Instagram – teams are working on a feature that will allow users to display their NFTs on the social media profiles.

Furthermore, Meta is working on creating an NFT marketplace that will allow users to create/mint the digital collectible tokens. Two people familiar with the matter also said that Meta will also support buying/selling of NFTs on the NFT marketplace.

Considering the fact that Facebook and Instagram are two of the world’s biggest platforms for image content, this seems a smart move. According to a report last year in July 2022, Instagram was already working on implementing NFT collectibles on user profiles. Last month of December 2021, Instagram chief Adam Mosseri said that they are “actively exploring NFTs”. However, Mosseri refrained from sharing any specific details for the same.

All the efforts currently are at a very preliminary stage! However, Meta entry can give an additional boost to the NFT market which has grown to $40 billion in size over the last year. This stellar growth also caught the attention of Meta chief Mark Zuckerberg.

Last year, Zuckerberg said that NFTs can offer huge support to a market for digital goods in its planned Metaverse. Facebook has already declared its intention for Metaverse by rebranding itself to Meta. The company has planned a $10 billion investment each year over the next decade.

Meta’s NFT Plan Is A Big Move

As per Financial Times, Meta’s plans will give more freedom to digital artists. It will help them monetize their art in a meaningful way while also helping to reach a broader audience.

We have seen how digital artists have been successful in selling their NFTs worth millions of dollars. NFT marketplaces like OpenSea have been one of the hot destinations for trading NFTs.

Facebook’s entry into the NFT world could be a big game-changer considering the size of the tech behemoth. We have recently seen how Facebook’smove into the Metaverse has got everyone talking about it.

The two people familiar with the matter said that Instagram has fast-tracked the testing of NFTs on its platform. Kristin George, Instagram’s director of product and creators was spearheading the Instagram NFT project last year. While the latest report has been from FT, we have yet to get an official confirmation from Meta.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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