Despite the crash in the price of coins, Meta is going ahead with plans to give access to its 3 billion users.
Stephane Kasriel, Meta's new head of financial technology, said in his first interview that the company wouldn't change its plans.
The efforts are vital to its goal of building and monetising a virtual avatar-filled world known as a metaverse over the next decade, but they contrast with the wariness Apple has shown towardscryptocurrencies.
Meta sees an opportunity for hundreds of millions of people who are using our apps to be able to collect digital collectibles and for millions of creators who could potentially create virtual and digital goods to be able to sell them through our platforms.
Mark Zuckerberg's company has been more bullish on digital assets than other Silicon Valley giants and wants to use them to boost its appeal to teens and young adults.
Digital art and goods can be verified with the help of non-fungible token.
Kasriel said that Meta bet on NFTs in order to get creators to use its apps in order to monetise their art or services.
Meta's $118 billion-a-year ad-based business model is under threat from TikTok's army of viral figures who have helped the group to expand its user base quicker.
The company blamed falling profits and user numbers in part on increased competition from TikTok when its shares dropped 25 per cent.
Meta is not planning to charge users for creating NFTs, but they could be monetised via "fees and/or ads" in the future according to an internal document.
Meta hopes NFTs will help power its vision for the metaverse, which it predicts could generate its own $3tn economy in the next decade. People are going to use NFTs to create digital wares and sell them to each other.
In the past two months, the value of NFT has fallen in line with a broader decline in the value of cryptocurrencies.
Kasriel acknowledged that the sector was following a well-trodden hype cycle, with enthusiasm crashing from its peak last year to a pit of despair. He said there were a lot of things that wouldn't survive.
The feature that will allow users to display their NFTs on their social media profiles was first reported by the Financial Times. The test was going to be expanded to more creators.
Facebook's attempt to make a mark in the freewheeling sector has been a flop.
David Marcus spearheaded Meta's failed attempt to launch a globalcryptocurrencies called Diem, which was eventually scuttled by US regulators.
Kasriel told the Financial Times that they were trying to figure out what the regulatory landscape was so that they wouldn't invest in things that would get shut down.
Before joining Meta, Kasriel was the chief executive of Upwork and aPayPal executive.
After the company suffered a string of scandals over issues including privacy and competition, Kasriel believes that using the technology will help assure the trust of users.
He said that we could build an open developer platform similar to what we have done in the past. Do you really think we're trustworthy? Are you going to be upset if the rules are changed?
Kasriel said that the company hopes to make NFTs cheap and easy to buy and trade in the future.
According to the company, the metaverse will not be a walled garden like its current apps, but that users will be able to take their digital identity and digital goods from one platform to a rival's seamless.
Kasriel said that Meta is looking at ways to use NFTs to sell memberships and subscriptions to creators.
He said that Meta was cautious because of the challenges in scaling usage of the most popular ones. It's still early. The technologies are not ready for prime time.
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