The tech giant wants users to be able buy and sell NFTs via Facebook and Instagram
Megacorporation Meta is rumored to be launching a marketplace that allows users to purchase and sell non-fungible tokens (NFTs). This would mark the biggest investment from the mainstream tech community.
The user-created digital objects supposedly cannot be replicated (though they are frequently “Stealed”), but may – and do – increase or decrease in value with often shocking speed depending on demand. NFTs grant the buyer the ownership rights to a digital asset. This ownership can be recorded on the blockchain.
Facebook and Instagram are working on a feature that will let users display NFTs as their profile pictures, as well as an option to ‘mint’ new NFTs, and parent company Meta is reportedly discussing “Launching a platform for NFT buyers and sellers,” the Financial Times reported on Thursday.
OpenSea was the NFT market leader and saw its value rise to $13 Billion in January. This is just six months after being valued at $1.5B.
Meta CEO Mark Zuckerberg hopes to use NFTs to generate a market for digital goods capable of propping up Facebook’s arm of the metaverse. With the goal of increasing its profits and decreasing popularity, his company will invest $10 billion annually in the project. Such a collapse could threaten Meta’s $85 billion per year profits, the lion’s share of which is currently based on targeted advertising.
According to sources familiar with the plans, Facebook also launched a digital currency wallet, Novi, in October. This will help power its NFTs.
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