Facebook and Instagram Reportedly Working on Allowing Users to Create, Display, Sell NFTs

According to The Financial Times, social media giant Metawas considering allowing users to build, promote, and trade NFTs on Facebook and Instagram.

If the corporation launches such tools, it will be the most visible demonstration of significant support for NFTs so far, helping to cement the controversial assets’ place in the digital world.

According to the Financial Times, the plans are “early stage and may still change.” According to the journal, staff at Facebook and Instagram are “preparing” a feature that would allow users to show NFTs as profile pics and work on a prototype that will allow users to mint more NFTs. Others at Meta are said to be talking about “launching a platform for users to purchase and trade NFTs.”

What are NFTs?

Non-fungible tokens (NFTs) are digitalized tokens unique in the blockchain network. What an individual is willing to pay for determines its worth. As a result, demand drives pricing.

NFTs, on the other side, are one-of-a-kind and rare; thus, no two are the same. Picture Pokémon cards, rare coins, or a pair of limited-edition Jordans: NFTs create scarcity in otherwise infinitely available assets, complete with a certificate of authenticity. Digital artwork that may be acquired and sold with NFTs includes GIFs, tweets, virtual trade cards, photos of physical objects, and photographs of tangible items are examples of digital artwork that may be purchased and sold using NFTs.

Exactly how far along these plans are is impossible to say, but it’s not the first show of interest in NFTs we’ve seen from Meta’s leaders. Last December, Instagram CEO Adam Mosseri stated the firm is “currently exploring NFTs and how we can make them more accessible to a larger audience,” while Meta CEO Mark Zuckerberg said the metaverse would need to enable “ownership of digital goods or NFTs” in October.

Because the tech giants are jumping on the NFT bandwagon, this could create an enormous opportunity and marketspace for artists to showcase their unique NFT collection. They need to provide a more secure platform because many obvious scams show that any photoshop experts can replicate any famous NFTs and lure buyers into their scam.