Financial Times has published a report stating that Meta plans to add NFTs functionality on Instagram and Facebook.
Last year, Facebook Inc. changed its name to Meta. Mark Zuckerberg, CEO of Meta, has stated his intentions to introduce the metaverse into its social media platforms.
Users will buy and sell on the platform using a token that is yet to be announced. This giant step by the social media giant is to ensure that the company is part of the ongoing blockchain revolution embraced by various sectors of the world.
The current craze on non-fungible tokens is why the company is taking such action. Meta wants to take advantage of the opportunity and introduce NFTs. It will be advantageous to the company to implement its plans now that non-fungible tokens are still developing.
According to Financial Times Newspaper, Instagram and Facebook have assigned teams that will work out ways that will enable users to mint NFTs. These crypto-collectibles can be displayed as pictures on their profile.
Twitter Allows IOS Users To Use NFT as Profile Pictures
Presently, iOS users can use NFT as their profile pictures on Twitter. Last year, the Social media giant introduced this feature making it the first.
Although this feature is available on iOS, it has not been rolled out to Android users. This move by Twitter could be part of why Instagram and Facebook are taking steps to implement the same feature on their platform.
The Daily Hodl opines that Meta is following in the footsteps of its competitor, Twitter.
The Interview with David Marcus
David Marcus was the previous leader of the F2 group working at Facebook last year. In an interview with Bloomberg in August 2021, Marcus noted that Facebook was looking for an avenue to dive into the world of crypto-collectibles. This step will create an entire NFT market on the platform.
Furthermore, Marcus said that “ the metaverse is a digital environment and will allow users to make products that will be of relevance even in the future. A lot will be needed in the metaverse because the platform will have to support the usage of different wallets.”
From the discussion with Marcus, Facebook has to put facilities in place to ensure that platform can operate seamlessly. Also, users will be able to create non-fungible tokens they can rent or sell to other users. People can also buy NFTs of their choice through smart contracts and payments infrastructure.
At the time of this report, Meta has not announced any plan on partnering with Instagram and Facebook. The market for non-fungible tokens is increasing every day. It is possible that in the future, there will be a partnership between Meta and Social platforms to introduce NFTs.