Meta, the parent company of Facebook and Instagram, could be planning the commercialization of NFT on both social networks
Social media conglomerate Meta is looking at allowing users to make, promote, and sell NFTs on Facebook and Instagram. If the corporation offers such tools, it will be the most public display of support for NFT to yet. Helping to cement the contentious assets’ place in the digital world.
Another point to consider is Meta’s construction of a single NFT market. It would be designed in the same manner as OpenSea, the world’s largest NFT trading platform. In any event, few people were startled by the news. It’s only an issue of timing and regulation if Meta tries out NFTs. Meta succeeds in achieving its aim of sending money over WhatsApp using a stablecoin.
Kristin George, Instagram’s director of product and creators, and David Marcus, the former head of Facebook’s payments and crypto department who departed the company in December, pushed the Instagram NFTs initiative last year. Stephane Kasriel, the former CEO of the freelancing portal Upwork, has taken Marcus’ post.
A comprehensive dive into NFTs is a natural next step for a firm that aspires to establish its own digital cosmos, if FT’s sources are right and Meta’s intentions come to reality. Non-fungible tokens can give a sort of unique digital ownership that might be crucial in facilitating the production of the numerous digital assets Meta is expected to sell or promote the creation of within its proposed Metaverse. NFTs might end up as digital wall decor in many of Mark Zuckerberg’s projected universe’s virtual homes.
