Facebook and Instagram may be useful in the development and sale of NFTs
Facebook and Instagram may be useful in the development and sale of NFTs
Meta may be the next company to jump on the NFT bandwagon, according to industry sources. According to the Financial Times, Meta is developing methods for creating, displaying, and selling NFTs on social media platforms such as Facebook and Instagram. The company's Novi wallet technology, according to one tip, would be responsible for a significant portion of the "supporting functionality." Instagram is reportedly testing a way to display NFTs, and Meta is reportedly developing a marketplace for buying and selling these digital collectibles. Instagram and Meta are both owned by Facebook.
The company has declined to comment, and sources have cautioned that the project is still in its early stages and that it may evolve.
Instagram CEO Adam Mosseri, on the other hand, stated in December that his company was "actively exploring" the use of NFTs on its platform. At the very least, the company's attention is focused on technology.
A foray into the world of NFTs would be wise. While companies have abused the connection between NFTs and the metaverse (offering NFTs does not equate to the creation of a metaverse, folks), Meta may desire a framework for them in order to allow residents of its virtual worlds to sell one-of-a-kind digital objects. As a result, if NFTs prove to be more than a passing fad, Meta may be able to prevent third-party platforms, such as OpenSea's market, from gaining an undue foothold.
