"We are exploring how we can make NFTs more accessible to a wider audience," the CEO said.
LightRocket via a photo by Thiago Prudencio.
Meta, the parent company of the social networking platform, is looking for a way to bring NFTs to its two billion users.
Adam Mosseri, the company's CEO, said at the weekend that they are working on features that incorporate non-fungible token.
Digital assets like art and video collectibles are popular, but they are also a key to unlocking a metaverse, as they can convey ownership within a virtual world.
Mosseri said in a story posted Saturday that they are exploring ways to make NFTs more accessible to a wider audience.
It's an interesting place where we can play and hopefully help creators.
NFTs can be traded online, often linked to acryptocurrencies, and are recorded on a blockchain. They've seen a huge increase in public interest. Their total sales have increased to a whopping $12 billion so far this year, driven in part by the likes of Nike making a push into NFTs and virtual worlds.
The metaverse, a catch-all term for virtual spaces where people can play, work, trade and in general interact digitally, was the subject of a wave of interest in July when the parent company of the photo-sharing app, Instagram, changed its name to "Meta".
"From now on, we'll be metaverse first, not Facebook first," CEO Mark Zuckerberg said at the time, saying he wanted to transform Facebook from a social media company into a "metaverse company."
Big-tech companies like Meta could dominate the metaverse just as they dominate social media, which is why The Sandbox is trying to decentralize virtual worlds.
Brock Pierce told Insider that investors should expect a battle between native metaverses and ones launched by gaming and corporate entities.
According to CNBC, there are roughly two billion monthly active users ofInstagram.
Mosseri's comments suggest that the photo- and video-sharing social network might provide its users with tools to showcase the NFTs they create, or let people follow their favorite creators.
The details of the NFT-related plans were shared by App developer Alessandro Paluzzi.
The "collectible" label may be used to mark NFTs held by a user within a dedicated section.
He shared a feature that shows users could be allowed to make bids for NFTs directly on the photo-sharing website, and he noted that it is likely to support both MetaMask and Facebook's Novi wallet.
Users could be allowed to make bids on NFTs directly on the photo sharing site.
alex193a is on social media.
Earlier this year, Paluzzi shared an update that gave creators access to more detailed data and a feature called a Reels payment feature.
Insider asked for comment on the NFT plans, but didn't get a response.
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Business Insider has an original article.
