Meta Plans on Exploring NFTs

Meta is searching for ways to let users create, showcase, and sell NFTs on Facebook and Instagram. If the idea gets implemented, this will be the larger show of mainstream support for NFTs to date.

As Polarity Technologies has learned, the plans could change as they still are at an early stage. According to The Verge, Facebook and Instagram are “readying” a feature that will let users display NFTs as their profile pictures, as well as working on a prototype to let users mint new NFTs. Others at Meta are reportedly discussing “launching a marketplace for users to buy and sell NFTs.”

It’s worth mentioning that this is not the first show of interest in NFTs from Meta. As Adam Mosseri has reported back in December, the company has been actively exploring NFTs and ways to make them more accessible to a wider audience. Instagram’s chief was not the only one who expressed interest in NFTs. Mark Zuckerberg has talked a couple of months earlier about how metaverse should support ownership of digital goods or NFTs.

According to The Verge, “Although NFTs are much derided for their speculative value (prices rise and fall with shocking speed) and lack of security (they’re frequently stolen despite claims by some that they guarantee ownership), these assets will become more significant if existing tech giants choose to support them.”

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