NFT Support on Social Platforms: Instagram and Facebook Supposedly Working On NFTs

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.

Leave a Reply

Your email address will not be published.


What is Copy Trade and How It Works?

Copy Trade Intro Copy trade or copy trading is a type of trading in which one trader (the “follower”) automatically copies the trades of another trader (the “leader”). This is done through a copy trading platform, which connects the follower and leader and allows the follower to automatically copy the leader’s trades in real-time. How […]

Coins Capital Review, – Is Coins Capital Scam Or Legitimate?

Coins Capital Trading Platform Rating 4.3 Summary Read our Coins Capital review at FStar Capital Forex and Cryptocurrency Trading blog, find the answer to your question “is Coins Capital scam or legit” and much more! Coins Capital Review You have been thinking for a long time if trading is for you. You have finally […]

AI Center Indicts ChatGPT Developer of Trade Law Violations: Claims Bias & Deception

The organization alleges that the creator of ChatGPT has violated Section 5 of the Federal Trade Commission Act with the release of GPT-4. This section of the act prohibits any practices or acts considered deceptive or unfair and that affect commerce. CAIDP has complained to the US Federal Trade Commission, intending to prevent the distribution […]

Investors Excited As XRP Market Capitalization Hits $20 Billion

It’s been wide jubilation today after XRP investors heard the announcement that the market capitalization has surged to $20 billion. XRP: a cryptocurrency developed and managed by Ripple, a San Francisco, United States, distributed data company. It was gathered that the coin itself responded to this development through a climb in price – it was […]

GlobalTrades Review, – Is Global Trades Scam or a Good Broker?

GlobalTrades Trading Platform Rating 4.6 Summary Read our Global Trades review at FStar Capital Forex and Cryptocurrency Trading blog, find the answer to your question “is scam or legit” and much more! GlobalTrades Review As people look at cryptocurrencies and their immense success, they are eager to start their own trading businesses. While […]