A recent report by the Financial Times (FT) says that Meta intends to add support for non-fungible tokens (NFTs) to its social media platforms Facebook and Instagram.
According to the report, Meta is looking to capitalize on the NFT craze by merging a new marketplace onto its wildly popular social media platforms. FT says that teams on both platforms are looking into features that will allow users to create their own NFTs and display them as profile photos.
Two of the sources close to the project said Meta is looking to create a completely new NFT marketplace.
As noted by The Daily Hodl, Meta’s announcement comes on the heels of social media competitor Twitter allowing NFT profile pictures for iOS users.
In August 2021, David Marcus, who was head of the F2 group at Facebook back then, hinted at an NFT marketplace when he told Bloomberg in an interview that the company was “definitely looking at a number of ways” to get involved in the digital collectible space:
“Thinking about the metaverse as a fully digital environment is actually super helpful when you design products that need to be future-proof. When I look at what’s going to be needed in the metaverse, it’s really seamless movement of value, and for that, we need a new infrastructure, interoperability, because you’ll want to have multiple wallets able to participate in a metaverse.
“And I think having programmable money and having smart contracts on top of a purposefully built blockchain is going to be transformational for the metaverse. Because if you’re a creator, if you’re creating an NFT, you may want to rent your NFT or sell your NFT, you’ll have to store your NFT. And you can think of all kinds of new business models around this that are not possible with the current payments infrastructure and without smart contracts.“
FT says that Meta has yet to make public comments on the potential NFT marketplace or its plan for Facebook and Instagram moving forward.
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